Exit
Log In

Pound technical review

Open demo account
FOREX trading implies serious risk and can result in the loss of your invested capital

Financial and commodity markets analytics

The British pound once again failed to break through a key resistance level in yesterday’s trading session after being sharply sold off over expectations that the rate hike delivered by the Bank of England yesterday may be the only one.

For weeks now the market has been speculating just how many times the BOE would raise rates with many predicting around 3 over the next year so investors were caught completely off guard.

The news has pushed the British currency down to a key support level and we are likely to see it travel down to the next resistance level around $1.2920.

A good reason for this is the release of the non-farm payrolls figure from the US which just came in at 266k and guarantees a rate hike from the US Federal Reserve next month

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Fibo Markets

FIBO Markets Ltd. (ex. FIBO Group Holdings Ltd.) is authorized and regulated by the CySEC (licence no. 118/10) and operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union.

Unfortunately, our services are not available to individuals residing in Canada, the United States of America, North Korea, Iran, Iraq, Israel, Australia, Belgium, or Japan.

29 Agias Zonis, 1st Floor, 3027, Limassol, Cyprus

© 1998—2023 FIBO Markets Ltd. (ex. FIBO Group Holdings Ltd.)

IMPORTANT: Please be informed, that our services are available for Professional Clients only. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Please note that our services are provided only to the residents of the following counties (in alphabetical order): Austria, Bulgaria, British Virgin Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Kazakhstan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Oman, People's Republic of China, Poland, Portugal, Romania, Russia, Slovakia,Slovenia, Spain, Sweden, Ukraine, United Arab Emirates.

Please feel free to contact out Support in order to get further assistance.