GBP/USD reveals support zone

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


The GBP/USD recovered due to the interview with Jerome Powell, which caused a decline of the US Dollar. During the interview, Powell reiterated his stance that there would be smaller rate hikes for a prolonged time period instead of high interest rates for a shorter time period. As a result, the GBP/USD revealed a support zone and has surged to the combined resistance of the 1.2100 mark and the 100-hour SMA.

A move above 1.2100 could be slowed down by the 1.2150 level, the weekly simple pivot point at 1.2173 and the 1.2200 mark, which might be strengthened by the 200-hour simple moving average.

On the other hand, a resumption of the broader decline of the Pound against the US Dollar would look for support in the 1.2050 level and the 50-hour simple moving average. Further below, note the Tuesday's support zone at 1.1960/1.1975. Note that, if there would be no comments made by Jerome Powell, the rate would be below this zone. The zone might not act as support.
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Wed, 08 Feb 2023 11:33:43 GMT

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