The dynamics of the major currencies this week, including the euro, the franc, as well as the dollar and the pound, will most likely be determined by the meetings of the central banks of the respective countries.
The first among them its meeting of the Fed. Its interest rate decision will be published on Wednesday (at 19:00 GMT), while the decision of the Bank of England - on Thursday (at 12:00 GMT).
It is expected that at the meeting on December 15, the Bank of England will again raise its interest rate (as well as the Fed, by 0.5%), to 3.5%. Theoretically, this should have a positive impact on the GBP quotes, but time will tell how the currency and the GBP/USD pair will behave after this decision.
As we have already noted in our today's "Fundamental Analysis", the GBP/USD pair is developing a positive trend, trying to break into the zone above the long-term resistance level of 1.2250. In case of a break of the local resistance level 1.2343, further growth towards the key resistance levels 1.2810, 1.2950, which separates the long-term GBP/USD bullish trend from the bearish one, is not ruled out.
*) for the most important events of the week, see the Most important economic events of the week 12/12/2022 – 12/18/2022
Support levels: 1.2250, 1.2200, 1.2180, 1.2110, 1.2100, 1.2000, 1.1940, 1.1900, 1.1825, 1.1800
Resistance levels: 1.2322, 1.2340, 1.2400, 1.2500, 1.2810, 1.2950
- see details -> https://www.instaforex.com/ru/forex_analysis/329548/?x=PKEZZ
- see also “Technical analysis and trading recommendations” -> https://t.me/fxrealtrading
