GBP/USD returns to previous levels

Source: Dukascopy Bank SA


In the aftermath of the Bank of England rate hike, the GBP/USD currency rate has returned to trade near the 1.2150 level. In general, it appears that the effect of the 0.50% base rate increase was offset by the fact that one of the policymaker voted against the hike. On Friday, the upper and lower ranges of the recent volatility have been marked as resistance and support.

A recovery of the Pound against the US Dollar might encounter resistance in the 100-hour simple moving average near 1.2185 and the 1.2195/1.2215 zone. Higher above, note the 1.2300 mark and the weekly R1 simple pivot point at 1.2293.

On the other hand, a decline of the GBP/USD could look for support in the weekly simple pivot point at 1.2127 and the 1.2100 mark, before reaching the Thursday's low levels at 1.2065/1.2075. In the meantime, note that the pair has recently been ignoring the 50 and 200-hour simple moving averages near 1.2150
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.