GBP/USD dipped to 1.2450

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Source: Dukascopy Bank SA


The GBP/USD eventually ended sideways trading and declined. However, the sharp decline quickly found support in the 1.2450 level and a recovery started. By mid-Thursday, the pair had even reached above the 1.2550 level, as the 1.2505/1.2510 range acted as support. However, it appears that the sharp move upwards at 09:30 was caused by the publication of better than expected United Kingdom Purchasing Managers Indices of the Services and Manufacturing sectors.

If the Pound continues to surge, it is expected to face the weekly R1 simple pivot point at 1.2576 and the 1.2600 mark.

Meanwhile, a decline of the Pound against the US Dollar is set to look for support in the combination of the 50 and 100-hour simple moving averages and the 1.2505/1.2510 support zone. Further below, take into account the 1.2450 mark and the ascending 200-hour simple moving average.
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