GBPUSD Analysis: Approaches critical point

Dukascopy Bank Team Dukascopy Bank SA

Monday did not favour the Pound, as the Cable once again fell under the monthly S1. However, support was found near 1.2725, namely the ascending channel's support line. The Sterling risks breaking this trend-line if supply at the monthly S1 is strong enough for such an occurrence. Technical indicators support the possibility of the negative outcome today, but the British currency could still receive a boost and outperform the Greenback. Consequently, the GBP/USD pair would then be able to finally stabilise above the tough resistance cluster, which rests circa 1.2770. In turn, a close above this zone is likely to allow the Cable to continue recovering until all post-parliamentary election losses are erased.

Interested in GBP/USD technicals? Check out the key levels

1. R3 1.2808
2. R2 1.2795
3. R1 1.2785
PP 1.2772
1. S1 1.2762
2. S2 1.2749
3. S3 1.2739

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Dukascopy Bank Team

Dukascopy Bank SA

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