GBP/USD remains above support

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


At 18:00 GMT on Wednesday, the US Federal Reserve released its Meeting Minutes, which revealed additional details on the world's top central bank's policy. In general, the central bank intends to decrease its balance sheet by $95 billion per month and some officials of the central bank have argued for a 0.50% or 1.00% percent rate hike.

The release caused a strengthening of the US Dollar. However, the GBP/USD remained above the 1.3050 level, which, despite being pierced, continued to act as support. In the meantime, resistance was found in the 1.3100 mark. In addition, note that during such fundamental events the technical indicators are mostly being ignored.

If the pair declines below 1.3050, the weekly S1 is slightly likely set to act as support at 1.3043. Further below, note the 1.3000 mark, which acted as support in March.

On the other hand, a surge would have to pass the 1.3100 mark, the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 1.3100/1.3120 range, before approaching the last week's high levels near 1.3175/1.3180.
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