GBP/USD resistance turns into support

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


The GBP/USD surged due to the Fed rate comments. The pair moved above the 1.2590/1.2610 range and confirmed it as support two times by mid-Thursday. Meanwhile, the Bank of England was set to release its rate, which was set to remain unchanged. Due to this reason, forecasts are made pre-event.

In general, the rate is expected and was showing that it would continue to surge. The surge could be slowed down by the weekly R1 simple pivot point at 1.2678. Higher above note the 1.2700 mark and the November and December high level range at 1.2720/1.2730.

Meanwhile, a decline of the Pound against the US Dollar will find support in the 1.2590/1.2610 range, the weekly simple pivot point at 1.2590 and the ascending 50, 100 and 200-hour simple moving averages. If all of these levels fail, the 1.2500/1.2515 might be reached.
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