GBP/USD reveals resistance zone near 1.2600

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


Prior to the Friday's release of US employment data, the GBP/USD confirmed a resistance zone at 1.2590/1.2610. The zone caused a decline to the support of the 1.2545/1.2550 range. Afterwards, the US data strengthened the US Dollar, which resulted in the pair touching the support of the 1.2500 mark.

However, by mid-Monday, the pair had recovered and once again tested the 1.2590/1.2610 range, prior to resuming the broader decline.

A decline below the 1.2545/1.2550 range could result in the pair once again looking for support in the 1.2500 mark. Further below, note the 1.2450 level and the weekly S1 simple pivot point at 1.2456.

In the meantime, a potential recovery of the Pound against the US Dollar is set to first face the 50 and 100-hour simple moving averages near 1.2565/1.2570. Higher above, take into account that the 1.2590/1.2610 is strengthened by the weekly simple pivot point at 1.2590 and the approaching 200-hour simple moving average.
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