GBP/USD breaks below 1.53 on BoE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling interest around the sterling is gathering further traction today, now pushing GBP/USD to daily lows in sub-1.5300 levels.

    GBP/USD weaker on BoE

    The pair’s downside has picked up pace after the BoE has left intact its monetary policy at today’s meeting – with the refi rate at 0.5% and the asset purchase facility at £375 billion.

    In addition, the BoE minutes showed another 8-1 vote favouring the current status quo. MPC member Ian McCafferty was the usual dissenter, voting for a 25 bp rate hike to 0.75%.

    GBP/USD levels to watch

    At the moment, the pair is down 0.60% at 1.5292 with the immediate support at 1.5236 (23.6% Fibo of 1.5659-1.5106) ahead of 1.5231 (6-month uptrend) followed by and finally 1.5198 (low Oct.13). On the other hand, a break above 1.5448 (61.8% Fibo of 1.5659-1.5106) would open the door to 1.5478 (downtrend from 1.5820) and finally 1.5513 (high Oct.15).
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