GBP/USD approaches 1.2700 mark

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


Since Tuesday, US central bankers have made comments that they could cut interest rates. In addition, incoming data for various sectors confirms that the Federal Reserve could reduce rates. Moreover, the head of the Fed Jerome Powell has commented that easing could be done, if inflation continues to ease. Due to this reason, the US Dollar has declined in value.

On the GBP/USD charts, the events were reflected b a surge above 1.2590/1.2610 and the weekly R1 simple pivot point at 1.2660. During the second part of Tuesday's trading hours, the rate appeared to be heading to the 1.2700 mark and the weekly R2 simple pivot point at 1.2705.

A move above the 1.2700 mark is expected to face the weekly R3 simple pivot point at 1.2740. Higher above, note the 1.2800 level.

Meanwhile, a potential decline of the Pound against the US Dollar is set to look for support in the weekly R1 simple pivot point and the 1.2660 level. Further below, take into account the ascending 50, 100 and 200-hour simple moving averages.
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