GBP/USD reaches above 1.2750

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


Fundamentals have moved the financial markets. In general, Jerome Powell stated on Tuesday that the Fed needs more data before cutting interest rates. On Wednesday, various US data sets were released either below expectations or at forecast. This caused the drop. On the GBP/USD charts it has resulted in a surge above the 1.2750 level.

An extension of the ongoing surge could be slowed down by the weekly R3 simple pivot point at 1.2782, before the pair reaches the 1.2800/1.2820 range. In the past, this range has acted as support and resistance. Higher above, the 1.2860 level could act as resistance, as it is the level that stopped the June 12 surge and marks the June high.

On the other hand, a decline of the Pound against the US Dollar would have to pass the supporting trend line that has guided the pair up during the fundamental surge. Below the trend line, the combination of the weekly R2 and the 1.2740 level might turn into support, before the pair returns to the 1.2700 mark.
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