GBP/USD analysis: Retreats to 50-hour SMA
|GBP/USD
The GBP/USD jumped on Thursday due to the unexpected Bank of England rate hike at 12:00 GMT. The rate's jump stopped at the weekly R2 simple pivot point at 1.3371. The event was followed by a decline, which on Friday found support in the 50-hour simple moving average and the December high-level zone at 1.3277/1.3288.
In the case of the 50-hour providing enough support for a surge, the GBP/USD could reach for the weekly R1 simple pivot point at 1.3324. Afterward, the 1.3340 might act as resistance. Even higher above, the weekly S2 simple pivot point is located at 1.3371.
Meanwhile, a potential decline of the pair below the 1.3277 level might find support in the 100-hour simple moving average near 1.3260. Below the 100-hour SMA, the 200-hour SMA and the weekly simple pivot point at 1.3243.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.