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Forex pairs in this Article » GBP/USD (London) - GBP/USD is currently testing the downside, losing grip of the crucial 1.6120 level and hopes for a close above may leave the bulls back at the ranch.

GBP/USD’s key driver has been the market’s initial reaction to the Bank of England’s hawkish November Inflation Report. However, Darren Williams, Senior European Economist at Alliance Bernstein is less convinced. “The Bank’s main message is that, even if growth rates remain strong, monetary policy is likely to remain highly accommodative until excess capacity in the UK has been eliminated”.

GBP/USD Levels

The 20 DMA is 1.6072, the 50 DMA is 1.6034 and the 200 DMA is 1.5501. RSI (14) reads 52.32. Supports are ascending from 1.5963, 1.5988, 1.6048, 1.6089. Spot is currently 1.6099 while resistances are 1.6136, 1.6150, 1.6207 and 1.6260
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