GBP/USD extends recovery

Source: Dukascopy Bank SA


On April 23rd, the US Dollar dropped at 13:45 GMT. The drop was created by the publication of the United States Manufacturing and Services sector Purchasing Managers Indices. Released numbers showed a slowdown of US business activity.

On GBP/USD charts it resulted in a strengthening of the ongoing recovery. The rate reached the resistance of the 1.2460 level. This resistance held and forced the pair to look for support in the 1.2410/1.2425 range.

A resumption of the GBP recovery against the Dollar is set to face resistance in round exchange rate levels. Namely, it has been observed that the 1.2460, 1.2480, 1.2500 and 1.2520 have acted as both support and resistance during April. Meanwhile, note that the 1.2500 mark is likely to have more impact than the rest of the levels. Higher above, take into account the combination of the weekly R2 simple pivot point at 1.2543 and the 1.2540 level.

If the currency pair declines below the 1.2410/1.2425 rage, the weekly simple pivot point that is located in the range, the support line of the recent surge, the 50 and the 100-hour simple moving average, a decline is expected to be slowed down by the weekly S1 at 1.2325 and round price levels until the 1.2300 mark is reached.
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