GBP/USD US CPI surge reaches 1.3750

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Source: Dukascopy Bank SA


The surge of the GBP/USD that was caused by the US Consumer Price Index release has reached the 1.3750 level's resistance. The round exchange rate level forced the pair into a retracement back down just before mid-day on Thursday. The consolidating decline appeared to be finding support in Wednesday's high level at 1.3715.

If the GBP/USD currency exchange rate continues to surge, it would have to pass the 1.3750 level. A move above 1.3750 level would have no technical resistance as high as the weekly R3 simple pivot point at 1.3820. However, the 1.3800 mark might act as resistance.

Meanwhile, if the Pound starts to decline again the US Dollar, the rate might look for support in the 1.3715 level, the weekly R2 simple pivot point at 1.3709 and the 1.3700 mark. Further below, the 50-hour simple moving average was located near 1.3670.
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