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GBP/USD off lows, retakes 1.4100 ahead of BoE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After briefly testing lows in sub-1.4100 levels, GBP/USD has managed to pick up pace and regain the 1.4130 area.

    GBP/USD lower pre-BoE

    Spot is following the rest of the risk-associated assets today, retreating for the second session in a row against the backdrop of a generalized demand for the US dollar.

    The BoE is expected to keep its monetary stance unchanged at its meeting today along with a unanimous vote by the MPC, leaving the British pound almost nothing to chew on, let alone an excuse for a bull run.

    GBP/USD levels to consider

    As of writing the pair is losing 0.56% at 1.4124 and a breakdown of 1.4091 (low Apr.14) would aim for 1.4004 (low Apr.6) ahead of 1.3992 (23.6% Fibo of 1.3833-1.4517). On the other hand, the next up barrier aligns at 1.4231 (20-day sma) followed by 1.4262 (55-day sma) and then 1.4460 (high Mar.30).
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