GBP/USD surges after bank statements

Source: Dukascopy Bank SA


The GBP/USD did not even start an attempt at testing the support levels that are located from 1.3608 to 1.3574. Instead, in the aftermath of the Federal Reserve announcing its monetary policy, the rate began a surge. Moreover, the surge was fueled on Thursday by the Bank of England's monetary announcements.

By mid-day on Thursday, the rate had reached above the 1.3700 level. Moreover, it faced no technical resistance as high as the 200-hour simple moving average at 1.3750. Note that the 1.3750 round level could provide resistance on its own. Above these levels, the weekly simple pivot point at 1.3795 and 1.3800 are capable of stooping a surge.

However, a decline of GBP/USD would look for support in the weekly S1 simple pivot point and the 100-hour simple moving averages at 1.3675. Below these levels, the 55-hour SMA at 1.3655 could provide support.
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