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Cable slumps as BoE signals rates to stay on hold

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBPUSD Sterling spiraled to fresh one-week low vs dollar, after dovish comments from BoE’s chief Carney, who pointed to UK borrowing costs remaining on hold until 2017. Sharp acceleration took out strong support at 1.5240, 29 Oct low, that confirmed lower platform at 1.5505, formed by several upside rejections. Extension below 1.5240 handle, face one significant obstacle en-route to key 1.5105 support, low of 30 Sep, which lies at 1.5200, Fibonacci 76.4% of 1.5105/1.5506 upleg and 13 Oct spike

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