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GBP/USD advances above 1.4400 on BoE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The buying interest remains solid around the British pound, with GBP/USD now flirting with session highs beyond 1.4400 the figure.

    GBP/USD firmer post-BoE

    The pair is extending its upside momentum after the BoE has left unchanged its monetary policy stance at today’s meeting, with the benchmark rate at 0.5% and the asset purchase facility at £375 billion. Furthermore, the MPC has once again voted 9-0 favouring leaving the policy intact.

    In the meantime, the generalized sell-off in the greenback continues to sustain the rally in the risk-associated currencies and commodities, collaborating with today’s upside.

    GBP/USD levels to consider

    As of writing the pair is up 1.07% at 1.4412 facing the next hurdle at 1.4438 (high Mar.11) ahead of 1.4471 (76.4% Fibo of 1.4670-1.3833) and finally 1.4670 (high Feb.4). On the other hand, a breakdown of 1.4153 (20-day sma) would open the door to 1.4028 (23.6% Fibo of 1.4670-1.3833) and then 1.4000 (psychological level).
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