GBP/USD is highly volatile

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Source: Dukascopy Bank SA


At the start of April trading, the US Dollar was highly volatile. Initially, OPEC+ decreased production. The decrease caused a surge of oil prices. The increase of oil prices first of all increased demand for oil deals in USD and secondly signals that inflation would remain high. High inflation is expected to be the basis for more USD interest rate hikes.

However, by mid-Monday, the markets had shrugged off the news and the USD was near previous levels. On the GBPUSD charts it resulted in a drop to 1.2280 and a follow up recovery. By mid-Monday the rate was heading back to the Friday's high at 1.2420.

A move above 1.2420 and the weekly R1 simple pivot point at 1.2428 could reach for the 1.2500 mark.

On the other hand, a decline is expected to find support in the 50, 100 and 200-hour simple moving averages, the 1.2300 mark and the weekly simple pivot point at 1.2323.
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Mon, 03 Apr 2023 14:14:32 GMT

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At the start of April trading, the US Dollar was highly volatile. Initially, OPEC+ decreased production. The decrease caused a surge of oil prices. The increase of oil prices first of all increased demand for oil deals in USD and secondly signals that inflation would remain high. High inflation is expected to be the basis for more USD interest rate

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