GBP/USD reacts to central banks

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


Both the US Federal Reserve and the Bank of England have kept interest rates unchanged. However, for some reason the GBP/USD dropped on the US announcement and then sharply recovered on the UK announcement. The rates were expected to remain unchanged and supposedly the news were priced in. Due to this reason the reason for the fluctuations are unclear.

The GBP/USD dropped below the 1.2650/1.2660 support range, before starting a recovery. By late Thursday's trading, the pair was back at Wednesday's high level.

An extension of the ongoing surge is set to face the resistance range at 1.2760/1.2780 and the weekly R1 simple pivot point at 1.2768. Higher above, note the 1.2800 mark, the August high at 1.2819 and the weekly R2 simple pivot point at 1.2834.

In the case of a decline, the rate is set to look for support in the weekly simple pivot point at 1.2709, the 1.2700 mark and the combination of the 50, 100 and 200-hour simple moving averages in the 1.2680/1.2700 range. Further below, note that the 1.2650/1.2660 range could once again turn into support. Further below, note the weekly S1 at 1.2643.
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