GBP/USD recovery reaches above 1.2100

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


On Wednesday morning, the GBP/USD reached above the 1.2100 mark. However, after a failed attempt at reaching 1.2150, the currency pair began to trade around the 1.2100 level.

In general, the pair reacted to the UK higher than forecast inflation data, which caused the sure. Namely, higher inflation means more monetary tightening and a smaller supply of the GBP, which results in a higher price. In regards to the near term future, the pair is set to wait for the US FOMC Meeting Minutes on Wednesday at 18:00 GMT, before a new short term trend would be established.

If the pair declines, the 1.2050 level might act as support. Further below, note the 1.2000 mark and the August low at 1.2003. Meanwhile, the pair appears to have ignored the weekly S1 simple pivot point at 1.2067.

However, a recovery of the Pound against the USD would have to break the combined resistance of the 1.2150 level and the weekly simple pivot point at 1.2152. prior to reaching the 1.2200 and 1.2300 levels.
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