On May 5th, the Bank of England hiked its interest rate from 0.75% up to 1.00%, which is the highest level in 13 years. In addition, the bank revealed how the monetary policy makers voted on the rate hike. Namely, six of the committee voted for a 0.25% hike, but three members wanted a 0.50% hike that would set the
During the US Federal Reserve rate hike and the following press conference, the GBP/USD was highly volatile in the 1.2450/1.2550 range. As the head of the Federal Reserve stated that the Fed is not considering a 0.75% rate hike, the GBP/USD started to move upwards. Economic Calendar On Thursday, at 11:00 GMT, the Bank of England is scheduled to hike interest rates.
The US Dollar has recently declined against all other currencies and assets. On the GBP/USD chart is has resulted in a surge, which at mid-day on Friday was approaching the resistance zone at 1.2590/1.2600. The resistance zone marked the Tuesday and Wednesday high levels. In addition, the 100-hour simple moving average had reached the zone from above. Economic Calendar This week's notable
The GBP/USD decline has continued, as the pair has passed below 1.2500 and the weekly S3 simple pivot point at 1.2474. During the mid-day hours of Thursday's trading, the pair confirmed the pivot point as resistance and continued to decline. In the near term future, the pair was expected to look for support in the 1.2400 level and the lower
On Wednesday, it was marked on the GBP/USD charts that the currency pair has been declining in a channel down pattern since April 22. On that day, the rate plummeted due to the worse than expected UK monthly retail sales data. In addition, most recently, the 1.2600 level had acted as resistance. Economic Calendar During the week, minor moves could be created
Since the middle of Thursday's trading up to the morning hours of Friday, the GBP/USD currency pair traded near the 1.3020 level. Due to that reason, the previous forecast scenarios remained relevant. Economic Calendar There are no more notable events scheduled for this week. Next week's review is set to be published on Monday. GBP/USD short-term review A decline of the Pound against the
The GBP/USD currency exchange rate confirmed the 1.3080 level and a zone above it as resistance, during the first half of Thursday's trading. The event was followed with a decline, which by mid-day was looking for support near the 1.3030 level. In the meantime, the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point appeared to
The GBP/USD has found support in the April low level zone at 1.2975/1.2990. By the middle of Wednesday's trading hours, the pair had reached above various technical resistance levels and the 1.3060 mark. Economic Calendar On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor USD move. On Friday, at 06:00 GMT the value of the GBP could adjust
On Wednesday, the GBP/USD eventually broke resistance levels against the US Dollar. By the middle of Thursday's trading hours, the rate had reached and bounced off the resistance of the 1.3150 mark. Afterwards, a decline started, which was heading to the cluster of technical levels at 1.3040/1.3060. The zone was made up of previous high levels, the weekly simple pivot point
On Wednesday morning, the GBP/USD currency pair shortly reached below the support zone at 1.2980/1.2989. Meanwhile, it appeared that the 1.3020 level and the 50-hour simple moving average acted as resistance. In addition, the 100-hour SMA was approaching from above. Economic Calendar On Thursday, 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of
Since Monday, the currency pair has been trading between a support zone at 1.2980/1.2989 and resistance at 1.3045/1.3055. In the meantime, additional resistance had approached the rate in the form of the 50-hour simple moving average. At mid-day, the US Consumer Price Index release revealed that the US needs to tighten monetary policy, which caused a drop of the USD. The
Last week, the GBP/USD was finding constant support in the zone that surrounds the 1.3050 mark. On Friday, the rate plummeted below the 1.3050 level and even pierced the 1.3000 level. On Monday, the currency pair was trading between a support zone at 1.2980/1.2989 and resistance at 1.3045/1.3055. Economic Calendar On Tuesday, at 12:30 GMT, the US Consumer Price Index will reveal,
On Friday, the GBP/USD passed below the support zone at 1.3050/1.3060 and the weekly S1 simple pivot point at 1.3043. At the time of writing at 13:00 GMT, the pair was heading to the 1.3000 mark. The 1.3000 level reversed the rate's decline in mid-March. Economic Calendar On Tuesday, at 12:30 GMT, the US Consumer Price Index will reveal, how the US
Since the middle of Tuesday's trading, the GBP/USD currency exchange rate remains in the range between the support zone at 1.3047/1.3057 and resistance at 1.3100/1.3109. Meanwhile, hourly simple moving averages were approaching from above. Economic Calendar On Thursday, a minor USD move might be created by the publication of the weekly US Unemployment Claims data at 13:30 GMT. Click on the link below
At 18:00 GMT on Wednesday, the US Federal Reserve released its Meeting Minutes, which revealed additional details on the world's top central bank's policy. In general, the central bank intends to decrease its balance sheet by $95 billion per month and some officials of the central bank have argued for a 0.50% or 1.00% percent rate hike. The release caused a
Despite piercing the support of the 1.3100 mark, the GBP/USD did not decline to the support of zone of the last week's low levels at 1.3052/1.3071. Instead, starting from GMT midnight hours to Tuesday, the rate started a surge. By the middle of the day's trading, the rate had broken the resistance of the weekly simple pivot point, the 50,
At mid-day on Monday, the GBP/USD currency exchange rate once again reached below the 1.3100 level. In the meantime, it appeared that the pair was ignoring the support and resistance of the weekly simple pivot point at 1.3113 and the 50 and 100-hour simple moving averages at 1.3125. Economic Calendar On Tuesday, the US ISM Services Purchasing Managers Index survey results are
At mid-day on Friday, the GBP/USD broke the week's channel up pattern by passing below the lower trend line of the channel near 1.3120. Economic Calendar On Tuesday, the US ISM Services Purchasing Managers Index survey results are expected to impact the value of the US Dollar and all pairs that include the USD. During the week, almost all attention will be paid
The GBP/USD pair's reaching above the three hourly simple moving averages did not result in a move to the 1.3200 mark, as it was speculated on Wednesday. Instead, the currency pair found resistance in the 1.3180 level. In addition, the bounce off the 1.3180 level revealed a channel up pattern, which has guided the rate since Monday. Throughout Thursday's trading, the
On Wednesday, the GBP/USD currency exchange rate step by step surged, as by 16:00 GMT the pair had passed the 50, 100 and 200-hour simple moving averages and reached the 1.3180 mark. In the near term future, the pair was expected to approach the weekly simple pivot point at 1.3198 and the 1.3200 level. Economic Calendar On Thursday, at 13:30 GMT, minor
Talks between Russia and Ukraine on Tuesday were assumed to have caused a risk on sentiment in the markets, which resulted in an all-out decline of the US Dollar. However, prior to the drop of the USD, the rate had reached the 1.3060 level's support. Economic Calendar There are nine sets of data being released this week, which might cause an impact
On Monday, the GBP/USD currency pair passed the support zone, which surrounds the 1.3120 mark. Moreover, by the middle of the day, the rate had passed below the 1.3100 mark and the weekly S1 simple pivot point at 1.3097. Economic Calendar There are nine sets of data being released this week, which might cause an impact on currency valuations. Five of the
Most recently, the GBP/USD has been fluctuating around the 1.3200 mark. Meanwhile, the pair was by large ignoring the 50 and 100-hour simple moving averages and a March resistance and support zone at 1.3195/1.3210. On Friday morning, the pair declined to the 200-hour simple moving average near 1.3160. Form that level a recovery back up to the 1.3200 level occurred. However,
The GBP/USD currency pair has been trading below the zone at 1.3195/1.3210 since mid-Wednesday. On Thursday, the pair shortly touched the 1.3160 level, before returning to the resistance zone. Economic Calendar The week's notable events are over. Next week's review will be published on Friday. GBP/USD short-term review If the currency exchange rate declines, it could once again look for support in the 1.3160