GBP/USD trades between 1.2100 and 1.2200

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Source: Dukascopy Bank SA


The GBP/USD has reacted to the Federal Reserve Rate Hike and Fed Press Conference with a surge. However, the moves have been consistent with notable levels. Namely, the pair respects the support of the 1.2100 mark and the resistance of the 1.2200 level. Meanwhile, the weekly simple pivot point acts as support and resistance at 1.2159.

A move above 1.2200 is expected to face resistance in the 1.2210/1.2225 range. Higher above, the weekly R1 simple pivot point could slow down a surge at 1.2248. Afterwards, note the late October high level at 1.2285/1.2290.

However, a decline below the weekly simple pivot point at 1.2159 is set to result in the pair looking for support in the 1.2100 mark. Below the 1.2100 level, there is the October low level support zone at 1.2035/1.2050.
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