GBP/USD steadies near 3-week lows in the BoE aftermath

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 paused the decline and managed to recover a few pips following the Bank of England ‘Super Thursday’ combo (monetary policy decision/statement/minutes/Quarterly Inflation Report).

    The pound weakened broadly and fell to a 3-week low against the dollar as the BoE left policy unchanged but softened the hawkish tone while Governor Carney pointed to rates remaining on hold for longer.

    GBP/USD dropped more than 150 pips and bottomed out at 1.5222, but recovered slightly over the last hours to currently trade at 1.5250, still 0.86% down on the day.

    GBP/USD key levels

    In terms of technical levels, next supports are seen at 1.5222 (Nov 5 low), 1.5200 (psychological level/Oct 13 low) and 1.5136 (Oct 5 low). On the other hand, short-term resistances could be found at 1.5342 (200-day SMA), 1.5400 (psychological level/Nov 5 high) and 1.5444 (Nov 3 & 4 highs).

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