GBP/USD trades between two zones

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


The surge of the Pound against the USD eventually exhausted itself near the 1.3250 level. The reaching of this level was followed by a decline to the 1.3170./1.3180 range that provided support. Since then, the rate has traded between this range and the resistance of the 1.3220/1.3230 range.

The pair remained between this range, despite Thursday morning news of decreasing inflation in various parts of Europe that caused a large decline of the Euro and spilled over into the Pound.

A move below 1.3170 is expected to result in the GBP/USD pair looking for support in the 1.3120/1.3135 range and the weekly simple pivot point at 1.3123. Moreover, the 200-hour simple moving average was approaching this range. Further below, note the 1.3100 and 1.3050 levels.

In the case of a resumption of the prior surge, the rate would have to break the combined resistance of the 1.3220/1.3230 zone and the 50-hour simple moving average. If these levels fail, the pair will test the 1.3250/1.3265 zone, before approaching the 1.3300 mark and the weekly R1 simple pivot point at 1.3315.
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