GBP/USD decline approaches July low

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


The Bank of England has just now increased its Official Bank Rate from 5.00% up to 5.25%. The move was expected by the financial markets. As a result of the policy change the value of the Pound initially reacted with a downwards move, before returning to previous levels. The members of the monetary policy committee voted as follows. Eight members voted for the rate hike and one member voted to keep rates unchanged.

During the event, the pair pierced the support of the weekly S2 simple pivot point at 1.2635. Next target for the rate's decline is the 1.2590/1.2605 zone, which marks the July low levels.

In the case of the rate declining below 1.2590, support might be found in the 1.2550 level and the combination of the weekly S3 simple pivot point at 1.2508 and the 1.2500 mark.

However, a recovery of the Pound against the US Dollar is expected to encounter resistance in the 1.2700 mark, before reaching the combination of the weekly S1 simple pivot point at 1.2740, the 1.2750 level and the 50-hour simple moving average.
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