GBP/USD returns to 1.2700

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


At the end of the year US firms book losses on assets to reduce their annual profit and taxable income. It occurs by selling stocks, bonds, other currencies on last day of the year and buying them back on the first day of trading. Namely, big players are selling everything against the Dollar, which is boosting the USD value.

The GBP/USD rate reacted to the event by retracing to the support of the 1.2700 mark.

A move of the pair below the 1.2700 level is expected to look for support in the weekly simple pivot point at 1.2656. Below the pivot point, the strong 1.2590/1.2610 is set to act as support.

On the other hand, a potential resumption of the broader surge would have to break the previously failed resistance levels. The 1.2780/1.2795 range, the 1.2800 mark, the weekly R1 simple pivot point at 1.2812 and the August high at 1.2819 are set to slow down a surge.
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Fri, 29 Dec 2023 15:28:46 GMT

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At the end of the year US firms book losses on assets to reduce their annual profit and with it the taxable income. It occurs by selling stocks, bonds, other currencies on last day of the year and buying them back on the first day of trading. Namely, big players are selling everything against the Dollar, which is boosting

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At the end of the year US firms book losses on assets to reduce their annual profit and with it the taxable income. It occurs by selling stocks, bonds, other currencies on last day of the year and buying them back on the first day of trading. Namely, big players are selling everything against the Dollar, which is boosting

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