GBP/USD returns to 1.3500

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Source: Dukascopy Bank SA


In the aftermath of the Bank of England rate hike, the GBP/USD has declined. On Monday, the currency pair reached below the 1.3500 mark and touched the 200-hour simple moving average near 1.3490. Meanwhile, resistance was being provided by the 100-hour simple moving average near 1.3550.

If the GBP/USD passes below the 1.3500 mark and the 200-hour simple moving average, the rate would have no technical support as low as the weekly S1 simple pivot point at 1.3406. However, take into account that the 1.3450 and 1.3400 levels could act as support.

On the other hand, a surge of the Pound against the US Dollar would have to pass the 50 and 100-hour simple moving averages near 1.3550, before aiming at the February high level zone at 1.3616/1.3628.
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