GBP/USD reaches 1.3000

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Source: Dukascopy Bank SA


The last week's breaking of the 1.2800/1.2820 range has been followed up by a surge to the 1.3000 mark. The 1.3000 is acting as resistance and keeping the GBP/USD down.

The approaching 50-hour simple moving average might provide the needed support for the rate to move above 1.3000. Above the 1.3000, resistance might be encountered in the weekly R1 at 1.3058 and the 1.3050 level.

On the other hand, a decline of the Pound against the USD is set to look for support in the 1.2950 level that on Monday was strengthened by the 50-hour SMA. Further below, note the weekly simple pivot point at 1.2917.
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