GBP/USD reacts to Federal Reserve

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


During the US Federal Reserve rate hike and the following press conference, the GBP/USD was highly volatile in the 1.2450/1.2550 range. As the head of the Federal Reserve stated that the Fed is not considering a 0.75% rate hike, the GBP/USD started to move upwards.

The surge was expected to test the resistance of the 1.2590/1.2615 zone. This range had acted as resistance during the previous week. Moreover, the zone was being strengthened by the 200-hour simple moving average and the weekly simple pivot point. A move higher would result in the pair possibly slowing down at round exchange rate levels, as there is no technical resistance as high as the weekly R1 simple pivot point at 1.2801.

However, a potential bounce off from the zone could look for support in the 1.2450 mark, before approaching the last week's low level zone at 1.2413/1.2423.
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