GBP/USD decline looks for support

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


In general, the GBP/USD respects round levels as support and resistance, but the direction is set by fundamentals. Namely, the US central bank was more hawkish in its policy than the Bank of England, as two members of the BoE policymaking committee voted to keep rates unchanged instead of the 0.50% rate hike. Due to these reasons the GBP/USD is heading down and looking for support.

In the aftermath of the rate hikes, the GBP/USD declined and approached the 1.2100 mark. If the support level gets passed, note the support zones near 1.2000 and 1.1950.

However, a potential recovery of the Pound against the US Dollar could encounter resistance in the 1.2200 and 1.2300 levels, before reaching the pre rate hike high levels below 1.2450.
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