GBP/USD aims at 1.3000

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


The Federal Reserve hiked just 0.25% that were expected. Moreover, follow up comments by the head of the Federal Reserve have been perceived by the markets as dovish for the USD. Namely, the US Dollar's value and demand for it will not grow due to monetary tightening, as the Fed remains indecisive and "data dependant."

The GBP/USD reacted to the weakness of the Dollar by breaking the resistance of the weekly simple pivot point at 1.2931, the 200-hour simple moving average and the 1.2950 mark.

The ongoing surge of the Pound against the US Dollar is expected to aim at the 1.3000 mark, which is expected to act as resistance. Higher above, note the combination of the 1.3050 level and the weekly R1 simple pivot point at 1.3046.

However, in the case of the US Dollar suddenly strengthening the rate could look for support in the combination of the 200-hour simple moving average and the weekly simple pivot point at 1.2931. Further below, the combination of the 50-hour SMA and the 1.2900 might stop a potential further decline of the GBP/USD currency exchange rate.
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