GBP/USD reaches above high levels

Source: Dukascopy Bank SA


The GBP/USD has continued to surge, as the rate has passed above the February high level at 1.2270. However, on Tuesday morning the pair appeared to have started a minor decline. The decline was attributed to a consolidation prior to the US Federal Reserve Rate hike scheduled for Wednesday.

In the case the rate extends its decline, support might be found in the 50-hour simple moving average and the 1.2200 mark. Below the round exchange rate level note the 1.2150 level and the 100-hour simple moving average.

If the Federal Reserve causes a decline of the US Dollar, the GBP/USD might move higher. A move higher could be slowed down by the 1.2300 and 1.2400 levels, which have acted as support and resistance during early February.
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