The GBP/USD
is trading with 0.2% down today at around 1.3150 area ahead of Bank of
England's rate call. It is widely expected that the central bank will keep
rates unchanged at 0.50% and the volume of asset purchasing, but the sound of
the statement will rule the Sterling’s direction.
Technically
speaking the short-term outlook remains neutral to bearish. On the four hour
time frame the price is developing well below its bearish 20-day and 50-day
SMAs and flat 100-day SMA.
RSI
is looking for direction around its 40 level. Stochastic is showing strong
downward slope and has entered into extreme oversold area.
In
the early London session the pair hit a fresh 2018 low at 1.3145, few pips
below the current market price. The bearish pressure remains high and a
downward acceleration through this point will serve the 1.3000 zone as next
bearish target.
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