GBP/USD reacts to US Fed

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


On Wednesday at 19:00 GMT, the US Federal Reserve confirmed that it would end quantitative easing, gradually decrease its balance sheet and hike interest rates. The event resulted in a minor decline of the USD, which was followed by a sharp surge of the US currency.

On the GBP/USD charts, by mid-Thursday, the event had resulted in the crashing of the large scale pattern. At mid-day, the rate had touched the 1.3375 mark. This level represents the upper border of a support and resistance zone.

In regards to the near term future, the rate could consolidate by trading sideways above the support zone near the 1.3375 level or declining. A potential decline would have to pass the support zone, the weekly S3 simple pivot point at 1.3361 and the 1.3350 mark, before the pair reaches new low level.s
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