GBP/USD remains between 1.2620 and 1.2700

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


Since June 20th, the GBP/USD has been trading between the support of the 1.2620 level and the resistance of the 1.2700 mark. On Monday, the pair appeared to be heading for another test of the 1.2700 mark.

Before testing the resistance of the 1.2700 level, the rate could be slowed down at the 1.2692 level where the weekly R1 simple pivot point was located at. Higher above, resistance is located at 1.2740. This level has acted as resistance in mid-June. In addition, the round exchange rate level is strengthened by the weekly R2 simple pivot point at 1.2742.

However, a potential decline of the rate is set to first look for support in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point all near the 1.2650 level. If the rate declines below 1.2650, then the 1.2620 might once again impact the pair.
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