GBP/USD reacts to events

Source: Dukascopy Bank SA


Initially, the US CPI was at the forecasts or slightly lower, which caused a drop of the US Dollar on Thursday at 12:30 GMT. However, then the markets realized that the data has showed first growth in 13-months. This caused a piercing of the resistance range and 1.2800 mark, before the pair started a decline.

The decline passed below the previously marked support range near 1.2680. However, the rate started a recovery near 1.2660. By doing so the rate revealed that the support range is wider than previously marked.

At 06:00 GMT, the United Kingdom published its monthly Gross Domestic Product data. The UK economy was expected to have grown by 0.2%. However, it turned out that the country has recovered in economic scale by 0.5%. The event caused a sharp surge of the GBP/USD of 0.22%. The surge was stopped by the 50-hour simple moving average near 1.2720.

In regards to the near term future, the pair is set to face the resistance of the 50-hour SMA at 1.2720, before testing the combination of the 100 and 200-hour SMAs and the weekly simple pivot point at 1.2735/1.2745. In addition, the 1.2750 level could act as resistance. Higher above, take into account the 1.2783/1.2793 range and the 1.2820 level.

If the Pound declines in value against the US Dollar, support is expected to be found at 1.2667/1.2685, prior to the rate reaching the weekly S1 simple pivot point at 1.2618 and the 1.2600 mark.
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