GBP/USD surge reaches 1.2300

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Source: Dukascopy Bank SA


The publication of the Core PCE Price Index has caused a decline of the US Dollar, which is boosting the financial markets and peer currencies. On the GBP/USD charts it has resulted in a test of the 1.2300 mark.

The Core PCE Price Index is the main measure that the US Federal Reserve has admitted to be using to in determining its policy. The inflation index revealed that price had increased on a month-on-month basis by 0.2%. However, the market consensus was that inflation had increased by 0.3%. The surprise caused the drop of the USD, as lower inflation signals that the Fed does not need to continue its strict monetary tightening policy.

A continuation of the ongoing surge is expected to be slowed down by 1.2300 and 1.2350, before the weekly R2 simple pivot point at 1.2381 would be reached.

On the other hand, a decline is set to look for support in the 1.2250 level, the weekly R1 simple pivot point at 1.2234 and the recent low level zone at 1.2225/1.2230. Further below, take into account the 1.2200 and 1.2150 levels. In addition, the 50-hour simple moving average coulda act as support near 1.2150.
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