GBP/USD is back above 1.2900

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


Today, all attention will be on the US Federal Reserve Rate announcement at 18:00 GMT. The event is going to set the base rate on the USD. A hike is expected to increase the USD demand and value, but no hike would decrease it.

Prior to the event, the GBP/USD retraced back up above 1.2900 and broke resistance levels. It could be assumed that the short position holders were taking profits prior to the event.

Resistance might be found in the weekly simple pivot point at 1.2931, the 200-hour SMA and the 1.2950 mark, before the 1.3000 mark would be reached.

On the other hand, a decline of the Pound against the US Dollar could find support in the combination of the 50 and 100-hour simple moving averages near the 1.2840/1.2850 range.

However, fundamentals and, especially, Fed rate hike are above all technicals.
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