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On Wednesday at 19:00 GMT, the US Federal Reserve confirmed that it would end quantitative easing, gradually decrease its balance sheet and hike interest rates. The event resulted in a minor decline of the USD, which was followed by a sharp surge of the US currency.
On the GBP/USD charts, by mid-Thursday, the event had resulted in the crashing of the large scale pattern. At mid-day, the rate had touched the 1.3375 mark. This level represents the upper border of a support and resistance zone.
In regards to the near term future, the rate could consolidate by trading sideways above the support zone near the 1.3375 level or declining. A potential decline would have to pass the support zone, the weekly S3 simple pivot point at 1.3361 and the 1.3350 mark, before the pair reaches new low level.s
Thu, 27 Jan 2022 11:57:11 GMT
Source: Dukascopy Bank SA
On Wednesday at 19:00 GMT, the US Federal Reserve confirmed that it would end quantitative easing, gradually decrease its balance sheet and hike interest rates. The event resulted in a minor decline of the USD, which was followed by a sharp surge of the US currency.
On the GBP/USD charts, by mid-Thursday, the event had resulted in the crashing of the large scale pattern. At mid-day, the rate had touched the 1.3375 mark. This level represents the upper border of a support and resistance zone.
In regards to the near term future, the rate could consolidate by trading sideways above the support zone near the 1.3375 level or declining. A potential decline would have to pass the support zone, the weekly S3 simple pivot point at 1.3361 and the 1.3350 mark, before the pair reaches new low level.s