GBP/USD awaits Bank of England

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At mid-day on Tuesday, the GBP/USD passed the support of the weekly S1 simple pivot point and the lower trend line of the channel down pattern. However, the event did not result in the expected decline to the weekly S2 simple pivot point or the 1.3600 mark. Instead, the rate started a minor recovery at the 1.3606 level.

By the middle of Wednesday's trading, the recovery had ignored technical levels like the weekly S1 simple pivot point and the 50-hour simple moving average. The reason for the ignoring of the technical levels was the fact that the Bank of England is about to announce their monetary policy updates.

Namely, on Thursday, at 12:00 GMT, the Bank of England will release its Monetary Policy Report and the Official Bank Rate. Since March 2021, the event has caused GBP/USD moves from 26.9 to 71.8 base points in the five minutes following the announcement.

Take into account that quite often the surges or drops that are caused by fundamental events stop at technical levels. Due to that reason note the resistance of the 100-hour SMA near 1.3685, the 200-hour SMA and the weekly simple pivot point near 1.3730. Meanwhile, the 1.3600 mark and the weekly S2 simple pivot point at 1.3567 could act as support levels.
Back to articles

Actual Topics

Wed, 03 Nov 2021 17:24:03 GMT

USD/JPY reaches above 114.00

On Wednesday, the USD/JPY passed the resistance of the three hourly simple moving averages and the 114.00 mark. In addition, by connecting recent high and low levels a channel up pattern was spotted on the hourly candle chart. If the currency exchange rate continues to surge, it could eventually reach the resistance of the high level zone at 114.42/114.47 and the

Wed, 03 Nov 2021 16:52:11 GMT

EUR/USD remains below 1.1600

Since the middle of Tuesday's trading, the EUR/USD bounced around the 50-hour simple moving average and the 1.1585/1.1588 zone. In the meantime an attempt to surge was stopped by the 1.1600 mark and the weekly simple pivot point at 1.1697. On Wednesday, it appeared that the rate could trade sideways until it is approached by the resistance of the

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.