GBP/USD is back above 1.2590/1.2610

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


Since Tuesday, the rate has moved back above the 1.2590/1.2610 range. However, the pair has not properly tested the combined resistance of the 1.2650 and 200-hour simple moving average. Instead, comments made by US central bankers have moved the rate down. On mid-Thursday, the rate was testing the support of the 1.2590/1.2610 range and the 50 and 100-hour simple moving averages.

A decline below the 1.2590 level would result in the pair looking for support first in the weekly S1 simple pivot point at 1.2571. Further below, the 1.2550 level could act as support, before the rate reaches the February low level at 1.2520, the weekly S2 simple pivot point or the 1.2500 mark. However, note that the 1.2520 could have acted as support due to the 100-day simple moving average that can be observed on larger scale charts.

On the other hand, a recovery of the pair is expected to face a resistance range at 1.2640/1.2650 and the 200-hour simple moving average. Higher above, take into account the weekly simple pivot point at 1.2671.
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