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GBP/USD makes fresh weekly lows as Carney speaks

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 (Córdoba) - GBP/USD fell sharply after the BoE ‘Super Thursday’ events as the bank left policy unchanged and no-one joined Ian McCafferty in voting for an immediate rate rise.

    While speaking at the QIR press conference, Governor Carney said rate hikes whenever they happen are likely to be more gradual and limited.

    The combo was taken as dovish, which added further pressure on GBP/USD and sent the pair through the 200-day SMA to its lowest level in a week. Having bottomed out at 1.5258, the pair is currently trading at 1.5270, recording a 0.84% loss on the day.

    GBP/USD levels to watch

    In terms of technical levels, next supports are seen at 1.5240 (Oct 29 low), 1.5200 (psychological level/Oct 13 low) and 1.5136 (Oct 5 low). On the flip side, resistances line up at 1.5342 (200-day SMA), 1.5400 (psychological level/Nov 5 high) and 1.5444 (Nov 3 & 4 highs).
    For more information, read our latest forex news.

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