GBP/USD fails to pass above 1.2500

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


After testing the resistance of the 1.2500 level for almost 24 hours, the GBP/USD failed. The event was caused by the release of the 9.00% year on year inflation being confirmed in the United Kingdom. The event resulted in a sharp decline to the 1.2375 level. During the decline, the currency pair passed below the support zone at 1.2400/1.2424, the weekly R1 simple pivot point at 1.2391 and the 50-hour simple moving average.

In the near term future, a continuation of the decline of the Pound against the US Dollar could look for support in the 1.2350 mark and the combination of the 100 and 200-hour simple moving averages at 1.2310, before reaching the 1.2300 level.

However, a resumption of the previous surge is expected to once again test the resistance of the 1.2500 mark.
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