GBP/USD drops due to Bank of England

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


At 12:00 GMT on Thursday, March 17, the Bank of England hiked its Official Bank Rate by 0.25%, increasing rates to 0.75%. The bank also published its Monetary Policy Summary. The GBP/USD currency exchange rate reacted by plummeting in ten minutes by more than 100 base points or 0.80%.

The drop eventually paused at the 1.3100 mark, which is surrounded by previous support and resistance levels, simple moving averages and the weekly simple pivot point. Namely, the 1.3082/1.3108 zone is acting as support.

A move below the 1.3080 level might look for support in the 100-hour simple moving average near 1.3070, before approaching the support of the 1.3000 mark.

However, a potential recovery of the Pound against the US Dollar could once again encounter resistance at 1.3160 and 1.3200, as it did during this week.
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