The "Super Thursday" failed to be super for the Cable

The "Super Thursday" brought fresh new weekly low for the Cable. Following the Bank of England Governor Carney's comments, the GBP/USD pair slipped to 1.2848.

The Central Bank left the rate and the amount of QE unchanged at 0.25% and £435B respectively, as it was expected. But this decision actually affected immediately the price as investors anticipated more hawkish measures after the weak inflation numbers and triggered Sterling’s sell offs. 

Regardless of today’s decline the GBP/USD remains within the well know range from the last two weeks.

Technical indicators on the four-hour time frame are more likely to confirm the short-term bearish trend. The price has crossed to below the 20-day SMA, while RSI and stochastic switched from neutral to negative mode and both are showing extreme oversold conditions. 

The pair could face first support at 1.2830 (last week’s low) and second at 1.2800. Looking to the upside resistance is seen at 1.2965 (28th of April’s  high)  and next one could be seen at 1.2900 (psychological level).