GBP/USD decline approaches July low

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


The Bank of England has just now increased its Official Bank Rate from 5.00% up to 5.25%. The move was expected by the financial markets. As a result of the policy change the value of the Pound initially reacted with a downwards move, before returning to previous levels. The members of the monetary policy committee voted as follows. Eight members voted for the rate hike and one member voted to keep rates unchanged.

During the event, the pair pierced the support of the weekly S2 simple pivot point at 1.2635. Next target for the rate's decline is the 1.2590/1.2605 zone, which marks the July low levels.

In the case of the rate declining below 1.2590, support might be found in the 1.2550 level and the combination of the weekly S3 simple pivot point at 1.2508 and the 1.2500 mark.

However, a recovery of the Pound against the US Dollar is expected to encounter resistance in the 1.2700 mark, before reaching the combination of the weekly S1 simple pivot point at 1.2740, the 1.2750 level and the 50-hour simple moving average.
Back to articles

Actual Topics

Fri, 04 Aug 2023 10:27:03 GMT

EUR/USD reaches above resistance

The currency pair has managed to pass the resistance of the 1.0935/1.0945 range and the 50-hour simple moving average. However, the 1.0960 level acted as resistance. As the rate approached the upper trend line of the descending channel pattern, a decline started, which was looking for support in the 1.0935/1.0945 zone. A move below 1.0935 could look for support in

Thu, 03 Aug 2023 09:58:56 GMT

Gold reaches below 1,940.00

The price for gold has encountered resistance in the combination of the 50 and 100-hour simple moving averages near 1,955.00. The event combined with the broader USD strengthening on Wednesday has caused a decline of the commodity price. By mid-Thursday, the metal had reached the support zone at 1,930.50/1,932.10. In the case of the metal passing below the support zone

Subscribe to "Fundamental Analysis" feed

Subscribe
Per scoprire di più sulla piattaforma di Dukascopy Bank per Forex/CFD, sul SWFX ed altre informazioni relative al trading,
la preghiamo di contattarci o richiedere di essere contattato (callback request)
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Per scoprire di più sulla piattaforma di Dukascopy Bank per Forex/CFD, sul SWFX ed altre informazioni relative al trading,
la preghiamo di contattarci o richiedere di essere contattato (callback request).
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.