It’s
been a quite volatile day in the markets, with the Pound occupying the centre of
the stage on the back of a hawkish BoE’s policy statement. GBP/USD marked
highest level since September 2016, rising up to 1.3404, with over pips from its daily low with the release outcome. It’s
interesting that the greenback failed to rally, as it was expected, despite the good news from the US as CPI is up
with 0.4% month-over-month, which lifted the year-over-year rate to 1.9%.
Technically speaking the short-term trend remains bullish. On the four-hour
time frame the price accelerated through its
bullish 20-day SMA, which is advancing above its current level and is gaining
upward strength. Indicators are located within extreme overbought territory
with RSI loosing directional strength and stochastic keeping strong bullish
momentum.
Bulls are now eyeing 1.3410 with stronger challenge ta 1.3445. The downside is
limited by 1.3325/30 level, a resistance turned into support.
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