The GBP/USD bounced off the resistance of the high level zone near 1.3280 on Thursday. Afterwards, at 19:00 GMT on the same day, the pair reacted to the US Fed Statement by piercing the recent low level connecting trend line and shortly trading below 1.3180.
However, as it was clear that despite a decrease monetary USD stimulus would remain intact, the pair started a surge. By the middle of Thursday’s trading, the GBP/USD had pierced the recent high level zone and reached the 1.3300 mark.
If the Pound continues to gain against the US Dollar, the rate might reach the resistance of the weekly R1 simple pivot point at 1.3324. Higher above, the weekly R2 simple pivot point could stop a surge at 1.3371.
On the other hand, a bounce off from the resistance of the 1.1300 mark might look for support in the previous high level zone at 1.3277/1.3289. Below the zone, a cluster of technical levels is capable of reversing the rate’s direction. Namely, the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.3235/1.3245.
