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On Thursday, at 12:00 GMT, the United Kingdom's central bank announced the Official Bank Rate and released the Monetary Policy Summary. As forecast by the market consensus, the bank kept the rate at 5.25%. In the meantime, the Monetary Policy Committee was expected to vote with two members voting for an increase and seven for keeping the rate intact. However, three instead of two members wanted a rate hike. This signals that the Bank of England is more inclined at rate hikes than it was thought.
The Pound reacted to the news with a surge above 1.2700, which extended the previous gains that occurred after the Federal Reserve hikes on Wednesday. By the middle of Friday's trading, the rate had reached above 1.2750, which was confirmed as support. However, the pair had not approached the 1.2800 mark and the resistance levels above it.
An extension of the Pound's surge against the US Dollar is set to face the 1.2800 mark, the weekly R2 simple pivot point at 1.2812 and the August high level at 1.2819. Higher above note that the 1.2850
Meanwhile, a decline of the currency pair would look for support in the 1.2720/1..2730 range. Further below, note the weekly R1 simple pivot point at 1.2678 and the 50-hour simple moving average. If all these levels fail, the pair could move to the 1.2590/1.2610 range, the 100 and 200-hour simple moving averages and the weekly simple pivot point.
Fri, 15 Dec 2023 12:14:27 GMT
Source: Dukascopy Bank SA
On Thursday, at 12:00 GMT, the United Kingdom's central bank announced the Official Bank Rate and released the Monetary Policy Summary. As forecast by the market consensus, the bank kept the rate at 5.25%. In the meantime, the Monetary Policy Committee was expected to vote with two members voting for an increase and seven for keeping the rate intact. However, three instead of two members wanted a rate hike. This signals that the Bank of England is more inclined at rate hikes than it was thought.
The Pound reacted to the news with a surge above 1.2700, which extended the previous gains that occurred after the Federal Reserve hikes on Wednesday. By the middle of Friday's trading, the rate had reached above 1.2750, which was confirmed as support. However, the pair had not approached the 1.2800 mark and the resistance levels above it.
An extension of the Pound's surge against the US Dollar is set to face the 1.2800 mark, the weekly R2 simple pivot point at 1.2812 and the August high level at 1.2819. Higher above note that the 1.2850
Meanwhile, a decline of the currency pair would look for support in the 1.2720/1..2730 range. Further below, note the weekly R1 simple pivot point at 1.2678 and the 50-hour simple moving average. If all these levels fail, the pair could move to the 1.2590/1.2610 range, the 100 and 200-hour simple moving averages and the weekly simple pivot point.