GBP/USD plummets due to US Fed

Source: Dukascopy Bank SA


Despite an initial boost due to the markets seeing something dovish in the US Federal Reserve Rate statement, as the US Federal Reserve Chairman Jerome Powell explained the position of the central bank, the GBP/USD plummeted below 1.1400.

If the GBP/USD continues to lose value against the US Dollar, the pair might find support in the weekly S1 simple pivot point at 1.1365. However, it is more likely that the round exchange rate levels once again impact the pair at 1.1350, 1.1300, 1.1250, 1.1200 and 1.1150.

On the other hand, a recovery of the Pound against the Greenback is expected not only to face previous resistance levels at 1.1550, 1.1600 and 1.1650, but also the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point might stop the pair near 1.1500.
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