The GBP/USD found support below the 1.2980 level and did not reach the previously set target of 1.2940. The rate began a surge, which reached technical resistance levels near 1.3020 on Tuesday morning. Resistance levels, among which are three SMAs and a pivot points, were broken, as better than expected UK Average Earnings Index was released at 09:30 GMT.
In general, as the SMAs and the pivot point that are located from 1.3032 to 1.3018 are broken, the rate has no resistance as high as the 1.3100 level. Last week, the rate’s surge was stopped by this round level.