GBP/USD is below 1.2500

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Throughout this week, US inflation was revealed to be higher than expected, despite rising inflation was already expected. This indicates that the FED has to hike rates, which is strengthening the USD. Meanwhile, there was no help to the GBP from the UK GDP release on Friday morning. The published data revealed that GDP has increased by 0.1%, as forecast by economists.

These events resulted in a broad decline of the GBP against the US Dollar throughout the week. On Friday, the rate was heading to the support of the weekly S2 simple pivot point near 1.2475.

A move below the weekly S2 simple pivot point could aim at the weekly S3 simple pivot point at 1.2412 and the 1.2400.

On the other hand, a recovery of the Pound could result in the rate testing the 1.2520 and 1.2540 levels. Higher above, note the combination of the 1.2560 level, the weekly S1 simple pivot point at 1.2556 and the descending 50-hour simple moving average. Higher above, note the 1.2600 mark 100 and 200-hour simple moving averages at 1.2610 and the weekly simple pivot point at 1.2620.
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