GBP/USD adjusts to central bank

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


In general, the GBP/USD continued to fluctuate above the 1.2800/1.2820 range until the morning before the publication of the Bank of England Official Bank Rate. During the morning hours, the markets pushed the rate down by as much as 100 points. As the rate was released, the GBP/USD recovered only to find resistance in the 1.2800/1.2820 zone.

In the near term future, the rate could decline to the support of the 1.2735/1.2750 range and the weekly S3 simple pivot point at 1.2733. Further below, the 1.2700 mark is expected to once again act as support.

On the other hand, a move above 1.2800/1.2820 might be slowed down by the weekly S1 simple pivot point, the 50 and 100-hour simple moving averages and the 1.2860 level that has shown to be capable to act as resistance. In addition, the 200-hour SMA was approaching the 1.2860 level and the weekly simple pivot point is located at 1.2885. If all of these levels fail, the 1.2900 level might come into play.
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