GBP/USD fluctuates at 1.2950/1.3000

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Source: Dukascopy Bank SA


Prior to the US Presidential Elections, the GBP/USD plummeted due to US jobs and inflation data and revealed that it is finding support at 1.2845/1.2855. The support was enough to force the rate to return to the 1.3000 mark.

It appears that the rate will wait for the election outcome near this level. Moreover, this week, we have the Bank of England and the US Federal Reserve making policy announcements on Thursday. Namely, this week will be all about the fundamentals, not technical analysis.

After the fundamental events, watch round exchange rate levels, which are highly likely going to act as support and resistance.
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