GBP/USD remains near 1.2800

Source: Dukascopy Bank SA


Despite the surprise Bank of England interest rate hike, the GBP/USD currency exchange rate remains near 1.2800. For most part of the week, the pair has traded between 1.2700 and 1.2850. Meanwhile, technical levels appear to have little impact on the pair.

A move above 1.2850 could be stopped by the 1.2900 mark or the weekly R1 simple pivot point at 1.2948 and the 1.2950 level.

On the other hand, a decline of the Pound against the US Dollar would look for support in the combination of the 200-hour simple moving average and the 1.2700 level. Further below, note 1.2650 and 1.2600 levels.
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