GBP/USD ignores support, respects resistance

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Source: Dukascopy Bank SA


The GBP/USD has ignored the support zone near 1.2400, but appears to be still respecting the resistance of the 1.2468/1.2474 range. On Monday, the rate approached the resistance and started to test it. Meanwhile, support appears to have been provided by the 50, 100 and 200-hour simple moving averages.

A move above the 1.2475 level might encounter resistance in the weekly R1 simple pivot point at 1.2489. Higher above, the 1.2500 mark could slow down a surge, before the 1.2550 level and the weekly R2 at 1.2542 are reached.

However, a decline of the pair is set to look for support in the 50, 100 and 200-hour moving averages, the weekly simple pivot point at 1.2421 and the 1.2400 mark.
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