GBP/USD respects support and resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The US elections caused a drop of the GBP/USD to the support range near 1.2840. Surprisingly, the range held and forced the pair into another test of the resistance of the 1.3000 mark. However, the 1.3000 held and by this week the pair was back at 1.2840/1.2855.

A move below 1.2840 might result in the rate looking for support in the weekly S1 simple pivot point at 1.2816 and the 1.2800 mark. Further below, most close by support is the weekly S1 simple pivot point at 1.2718 and the 1.2700 level.

On the other hand, a recovery of the Pound against the US Dollar might encounter resistance in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.2932. If these levels fail, the rate will once again face the 1.3000 mark.
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