During
the last week the GBP/USD pair marked highest level 1.3314 but closed almost
unchanged at 1.3265. BoE surprised markets with its hawkish stance along with
the change in the MPC vote, having 3 of 9 votes for rate hikes. Meanwhile the
latest release of Brexit drama will probably weigh on the Sterling at tomorrow’s
opening.
Technically
speaking the short-term outlook for the pair remains neutral to bearish. On the
four hour time frame the price is developing between its moving averages with
current price in line with the 50-day SMA. The latest recovery was stalled by
the 100-day SMA, which shows its corrective attitude. RSI has lost directional
strength around its’s mid-line. Stochastic is showing strong bearish momentum
and is nearing oversold territory.
The
last week’s low on post-BoE's decision is providing first support at 1.3240 with
is broken to below will increase the bearish pressure and will lead the pair
towards 1.3205 – 1.3170.
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