GBP/USD returns to support

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


The GBP/USD has continued to be drawn to the 1.2700 mark as a magnet. It has been bouncing around this level since mid-December. Most recently, it was observed that potential surges or drops of the rate are stopped near round exchange rate levels.

This week, the rate has been bouncing between the 1.2660 and 1.2720 levels, as it is waiting. The GBP/USD is waiting for two central banks to release their base interest rates and set the value of the currencies.

A move below 1.2660 would result in the pair struggling in the borders of a support range at 1.2650/1.2660. Below the range, note the weekly S1 simple pivot point at 1.2643. Further below, the 1.2590/1.2610 range is highly likely to once again impact the rate.

However, a potential surge of the Pound against the USD could face resistance in the combination of the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point at 1.2709 and the 1.2700 mark. Above these levels, the 1.2740 and 1.2760 levels have acted as resistance
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