GBP/USD awaits Bank of England

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


At mid-day on Tuesday, the GBP/USD passed the support of the weekly S1 simple pivot point and the lower trend line of the channel down pattern. However, the event did not result in the expected decline to the weekly S2 simple pivot point or the 1.3600 mark. Instead, the rate started a minor recovery at the 1.3606 level.

By the middle of Wednesday's trading, the recovery had ignored technical levels like the weekly S1 simple pivot point and the 50-hour simple moving average. The reason for the ignoring of the technical levels was the fact that the Bank of England is about to announce their monetary policy updates.

Namely, on Thursday, at 12:00 GMT, the Bank of England will release its Monetary Policy Report and the Official Bank Rate. Since March 2021, the event has caused GBP/USD moves from 26.9 to 71.8 base points in the five minutes following the announcement.

Take into account that quite often the surges or drops that are caused by fundamental events stop at technical levels. Due to that reason note the resistance of the 100-hour SMA near 1.3685, the 200-hour SMA and the weekly simple pivot point near 1.3730. Meanwhile, the 1.3600 mark and the weekly S2 simple pivot point at 1.3567 could act as support levels.
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Wed, 03 Nov 2021 17:24:03 GMT

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