GBP/USD trades between 1.2500 and 1.2600

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


Like the rest of the markets, the GBP/USD pair waits for the release of the US Federal Reserve rate announcements at 19:00 GMT. Previously, it was expected that the pair would trade between the resistance zone at 1.2590/1.2610 and a support range at 1.2500/1.2515.

In the meantime, note that the Tuesday's volatility was caused by the US CPI release, which showed mixed future outlook data. However, the volatility respected the 1.2590/1.2610 range and revealed the upper trend line of a channel down pattern.

If the Fed and Jerome Powell speech push the rate down below 1.2500, potential support could be found in the weekly S1 at 1.2456 and the lower trend line of the channel down pattern. If the pattern would be broken, the 1.2400 mark could be the target of a GBP/USD drop.

On the other hand, a potential fundamental surge is likely going to ignore the 1.2540 level, the 50 and 100-hour simple moving averages near 1.2560. Above these levels, the weekly simple pivot point at 1.2590, the 200-hour simple moving average, the upper trend line of the channel pattern and the 1.2590/1.2610 range could stop a surge. A failure of the resistance levels might result in a surge to the weekly R1 simple pivot point at 1.2678 and the 1.2700 mark.
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Wed, 13 Dec 2023 13:25:17 GMT

USD/JPY waits for Fed at 145.00/146.50

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EUR/USD waits for Fed rate hike

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