GBP/USD reacts to central banks

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


The Bank of England has once again hiked its base interest rate. Official Bank Rate has been increased from 4.00% up to 4.25%, as the market expected. In the meantime, note that seven out of the nine BOE Monetary Policy Committee members voted for the 0.25% rate hike. Two members voted to keep interest rates intact.

Meanwhile, the US Federal Reserve hiked its rate by also 0.25% on Wednesday. Despite the similar rate hikes, the GBP/USD has surged and by mid-Thursday was located at 1.2300.

An extension of the ongoing upwards move might aim at the resistance of the 1.2350 and 1.2400 levels, prior to reaching the weekly R3 simple pivot point at 1.2440. However, a potential decline is expected to look for support in the February high at 1.2270 and the combination of the 50 and 100-hour simple moving averages and the weekly R1 simple pivot point near 1.2250.
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