GBP/USD surges after sideways trading

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


Since the Bank of England hiked interest rates on Thursday, the GBP/USD has been trading almost sideways between a resistance zone at 1.3195/1.3210 and the support at 1.3110/1.3125.

At mid-day on Tuesday, the pair broke the resistance zone and surged above the 1.3250 mark and the weekly R1 simple pivot point at 1.3248. Moreover, the passed levels appeared to have started to act as support by 15:00 GMT.

If the Pound continues to surge against the US Dollar, the rate might encounter resistance in the 1.3300 mark. Higher above, note the weekly R2 simple pivot point at 1.3351.

Meanwhile, a potential decline of the currency exchange rate might find support in the 1.3110/1.3125 zone, before approaching the 50 and 100-hour simple moving averages near 1.3160 and 1.3170. Below the SMAs, note the 1.3195/1.3210 zone, which is strengthened by the 200-hour simple moving average and the weekly simple pivot point.
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