GBP/USD trades between pivot points

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


The GBP/USD surge has paused due to additional strength of the US Dollar. Namely, the higher than expected Wednesday's reveal of US GDP has strengthened the US Dollar and forced the pair to trade sideways. It has been spotted that the trading occurs between the resistance of the weekly R2 simple pivot point and support of the weekly R1 simple pivot point. Meanwhile, the rate had passed below the 50-hour SMA on Thursday morning.

In the near term future, the rate could resume its surge, if the approaching 100-hour simple moving average provides the required support for a push higher. A potential move higher would then have to pass the 1.2700 level and the weekly R2 at 1.2724, before testing the 1.2750 and 1.2800 levels. Above these levels, note the August high at 1.2819 and the weekly R3 at 1.2832.

On the other hand, a decline of the Pound against the US Dollar below the weekly R1 and the 100-hour SMA could result in the rate looking for support in the 1.2600 mark and the ascending 200-hour simple moving average. Below these levels, support is expected to be found in the 1.2555/1.2565 range, the weekly simple pivot point at 1.2554 and the 1.2550 mark.
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