GBP/USD reacts to central banks

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


The United States Federal Reserve has cut interest rates more than the markets expected. The Fed has cut 0.50% instead of 0.25%. The larger than expected USD rate cut initially caused a USD decline, as the demand for USD to pay off loans is set to decrease.

Bank of England in its Monetary Policy Committee has decided to keep interest rates unchanged. Also, the Committee voted to reduce government bond purchases, reducing purchases by 100 billion pounds over the next 12-month period.

On the GBP/USD charts, these events are reflected by major volatility. However, by the end of Thursday, the situation appeared clear. USA is cutting - Dollar is heading down. UK is keeping rates high - GBP is heading up. From a technical perspective, the rate is facing a resistance zone at 1.3300/1.3315.

A bounce off from the zone could look for support in the 1.3260/1.3265 range, the weekly R2 simple pivot point at 1.3249, the 1.3220/1.3230 zone and the ascending 50 and 100-hour simple moving averages.

On the other hand, a surge would have to break the 1.3300 level and the surrounding range. Higher above, note the weekly R3 simple pivot point at 1.3340. Even higher, note the 1.3400 and 1.3500 levels.
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