GBP/USD trades below 1.1250

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


Initially the Federal Reserve Rate hike and press conference caused major volatility, but the resistance of the 1.1350 held. Afterwards, a decline occurred, which reached below 1.1250. However, during the early hours of Thursday's European trading, the currency pair began a recovery and approached the 1.1300 level.

A resumption of the broader decline is expected to find minor support in the weekly S1 simple pivot point at 1.1267, before looking for support in the 1.1250, 1.1200 and 1.1150 levels. Further below, note the weekly S2 simple pivot point at 1.1114 and the 1.1100 mark.

On the other hand, a recovery of the Pound against the US Dollar is set to be slowed down by the 50 and 100-hour simple moving averages. Afterwards, the 1.1350 mark is highly likely once again going to act as resistance. Higher above, take into account the 1.1400 and 1.1450 levels.
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