The GBP/USD currency exchange rate has continued to move higher. At mid-day on Wednesday, the rate left below it the hourly simple moving averages, the weekly simple pivot point and the high level resistance zone near 1.3280. By 12:00 GMT, the GBP had reached the 1.3320 mark against the USD.
A continuation of the surge of the Pound against the US Dollar could result in the rate reaching the weekly R1 simple pivot point at 1.3357 and the December high level at 1.3375.
Meanwhile, a decline of the pair might look for support in the previously passed technical levels. Namely, note the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and the previous high level zone. All of these levels and indicators are located in the 1.3240/1.3290 zone.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Follow us on Telegram
Stay updated of all the news
AUD/USD extends gains above 0.6700 amid subdued US Dollar
AUD/USD is trading firmer above 0.6700, having rallied to the highest in nearly two weeks on Wednesday after the Fed hiked rates by another 25bps, as expected. The dovish guidance by the Fed smashed the US Dollar alongside the Treasury bond yields.
EUR/USD re-attempts 1.0900 on dovish Fed-induced USD weakness
EUR/USD is trading near 1.0900, extending gains in early Thursday. The pair stays firmer amid a broadily depressed US Dollar. Investors are assessing the latest dovish outlook from the Fed ahead of the SNB and BoE policy outcomes, which could trigger fresh volatility surge across the FX board.
Gold approaches $1,980 as USD Index extends losses on Fed’s dovish guidance
Gold price is gathering strength to capture the immediate resistance of $1,980.00 in the Asian session. The precious metal has found demand as the US Dollar Index (DXY) has resumed its downside journey and fears of a US banking crisis have refreshed.
Binance market share could drop after abolishing most zero-fee trading, boosts TrueUSD stablecoin
Binance phased out almost all zero-fee buying and selling Bitcoin (BTC) along with multiple trading pairs from its platform after nine months on Wednesday. An exemption was allowed for the TrueUSD/Bitcoin (TUSD/BTC) pair. This built atop a March 10 move to quietly wind down BUSD auto-conversion.
Bank of England and Swiss National Bank both set to hike
The Bank of England and Swiss National Bank both make monetary policy announcements tomorrow, March 23. Our base case is for the Bank of England to raise its policy rate 25 basis points to 4.25% this week, and then pause tightening. However, an unexpected quickening of inflation has added some uncertainty to that outlook.