GBP/USD reveals support and resistance

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


The markets appear to have taken in the information about the UK market, which was given by the UK PMIs and caused the drop on Tuesday. It is assumed because the GBP/USD has revealed support and resistance zones. Support zone is located at 1.2472/1.2480. Meanwhile, resistance is at 1.2555/1.2560.

If the Pound recovers against the US Dollar, the currency pair would have to reach above 1.2480. Afterwards, the rate is set to test the combined resistance of the weekly R1 simple pivot point at 1.2597 and the May high level zone at 1.2600/1.2640.

However, a decline below 1.2555 might find support in the 200-hour simple moving average near 1.2430, prior to approaching the weekly simple pivot point at 1.2407 and the 1.2400 mark.
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