GBP/USD breaks pattern

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


The GBP/USD pair reached below the support of the channel up pattern, which afterwards turned into resistance. Once the pair approached the combined resistance of the 1.1350 level and the trend line, a decline started. At 06:00 GMT the decline increased due to the publication of the UK Consumer Price Index.

It was revealed that year-on-year basis inflation in September in the United Kingdom had reached 10.10%. The markets expected inflation to be at 10.00%. The GBP/USD reacted to the news with a 33 base point or 0.29% drop over a period of five minutes. Afterwards, the decline continued, as the pair almost reached the 1.1220 level.

A continuation of the ongoing decline might look for support in the 1.1200 level, the 200-hour SMA near 1.1180 and the weekly simple pivot point at 1.1160, before reaching the 1.1150 level. The 1.1150 level acted as support on Friday.

Meanwhile, a recovery of the Pound against the US Dollar is expected to face resistance in the 1.1300 mark, which should be strengthened by the 50 and 100-hour simple moving averages. Higher above, the 1.1350 mark could once again stop a surge.
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