GBP/USD trades around 1.2400

Source: Dukascopy Bank SA


As the title suggests, the GBP/USD has continued to remain near the 1.2400 mark. The pair appears to be waiting for this week's central bank rate hikes, as both the US Federal Reserve and the Bank of England are set to announce rates during this week.

A potential decline of the currency pair would have to pass below the weekly simple pivot point at 1.2369 and the 100 and 200-hour simple moving averages. Further below, note that the 1.2350 level has acted as support.

On the other hand, a recovery of the GBP/USD is expected to face resistance at 1.2400 and 1.2420, before reaching the resistance zone at 1.2435/1.2450.
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