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5 Nov 2015
GBP/USD: post BoE sell-off stablising - FXStreet
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."
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."