GBP/USD retraces down after breaking 1.2800

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


The 1.2800 mark did not manage to hold, as the GBP/USD currency pair moved above it during late Monday's trading hours. However, the 1.2815 level acted as resistance and forced the rate down to the 1.2740 level. At that level support was found in the 100 and 200-hour simple moving averages and the weekly simple pivot point.

A recovery of the pair is expected to occur in the borders of a channel up pattern. Although, resistance is set to be once again encountered in the 1.2800 mark and the weekly R1 simple pivot point at 1.2800. Above this level, the weekly R2 at 1.2860 level and the upper trend line of the channel up pattern could act as resistance.

On the other hand, a decline would have to reach below the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.2740, and the lower trend line of the channel pattern. If these levels fail, the 1.2700 is most likely going to act as support.
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