GBP/USD pierces 1.3600 mark

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


On February 3, the Bank of England published its Monetary Policy Summary. The bank hiked its interest rate by 0.25% to 0.50%. In addition, the central bank Monetary Policy Committee voted unanimously to start to reduce its stock of bonds. Namely, the bank is starting quantitative tightening.

On the release, the GBP/USD suddenly dropped by 23 base points or 0.17%, before immediately recovering. In a span of 15 minutes, the rate gained 62 points or 0.46%. On the hourly candle chart, the rate's volatility found support in the 50-hour simple moving average near the 1.3550 level.

In the near term future, a continuation of the surge of the GBP against the USD could aim at the resistance of the 1.3600 mark. However, the 1.3600 level was pierced during the high volatility. Due to that reason, it is expected that the rate might reach the weekly R2 simple pivot point at 1.3650.
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