GBP/USD almost reaches 1.2350

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Source: Dukascopy Bank SA


The release of the US employment data caused a drop of the GBP/USD down below 1.2150. However, three hours later, the pair had recovered back to 1.2300. On Monday morning, the pair moved above 1.2300 and approached the 1.2350 mark, before a retracement downwards started.

The ongoing retracement of the Pound against the US Dollar could look for support first in the combination of the 1.2250 level and the 50-hour simple moving average. Further below, note the 1.2200 mark and the weekly simple pivot point at 1.2160. In the meantime, the 100 and 200-hour SMAs are approaching near 1.2100.

On the other hand, a resumption of the surge of the pair would face resistance in 1.2300, 1.2350 and 1.2400, before approaching the resistance of the weekly R1 simple pivot point at 1.2425.
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