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GBP/USD: post BoE sell-off stablising - FXStreet

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted and explained that the British Pound plunged after the BOE's monthly economic meeting, against the greenback, as the Central Bank offered a doom inflation outlook.

    Key Quotes:

    "Having left rates and the APP unchanged, the BOE downgraded its inflation and growth forecast, anticipating inflation may get closer to the 2.0% target by 2017."

    "The GBP/USD pair trades near its daily low of 1.5258, and with the 1 hour chart showing that the price is well below a bearish 20 SMA, whilst the technical indicators continue heading south, despite being in oversold levels."

    "In the 4 hours chart, the technical indicators head sharply lower in oversold territory, whilst the price develops below a bearish 20 SMA. Additionally, the price is breaking below a daily ascendant trend line coming from October 1t low at 1.5156, all of which supports a bearish continuation."
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