GBP/USD finds support below 2019 low level

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


The GBP/USD rate found support in the 1.1940 level, which is 20 base points below the 2019 low level at 1.1960. The event was followed by a surge of the Pound against the US Dollar, which by the middle of the day's European trading hours had reached above the 1.2100 mark and the technical levels, which strengthened it.

Above all note the incoming two central bank announcements. The Federal Reserve is hiking rates on Wednesday at 18:00 GMT. All markets will adjust to the news. Afterwards, on Thursday, the Bank of England will hike its interest rate. The next 24 hours are bound to be historical for the GBP/USD pair.

If the surge of the GBP/USD continues, the rate could once again test the combination of the 1.2200 mark and the weekly S1 simple pivot point at 1.2206. On the other hand, note that to once again reach the 1.1950 level, the pair would have to reach below the 1.2100 mark and the weekly S2 simple pivot point at 1.2104 and the 50-hour simple moving average.
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