BoE
raised its interest rate today for the second time since the financial crisis
in 2008 amid a strong labor market, high inflation and growing concerns about Brexit.
The Bank of England's nine-member monetary policy committee voted unexpectedly
unanimously to raise the interest rate from 0.50 percent to 0.75 percent, which
is the highest level since March 2009.
On this news the GBP/USD reacted with huge drop, losing 0.65% and marked daily low at 1.3045. The pair succeed to bounce from the low and currently is trading at 1.3058.
Technically speaking the short-term outlook remains neutral to bearish. On the four hour time frame the price is developing below its slow bearish moving averages. RSI is showing strong downward momentum and is nearing 30 level. Stochastic has retreated from its extreme negative readings but has eased around 20.
However to bring back the bullish mode the pair will need to fight first 1.3165 and next 1.3215 and eventually 1.3245. On the other hand bears will need to regain the 1.3000 handle in order to drive the pair down towards 1.2957 (the 2018 low).
On this news the GBP/USD reacted with huge drop, losing 0.65% and marked daily low at 1.3045. The pair succeed to bounce from the low and currently is trading at 1.3058.
Technically speaking the short-term outlook remains neutral to bearish. On the four hour time frame the price is developing below its slow bearish moving averages. RSI is showing strong downward momentum and is nearing 30 level. Stochastic has retreated from its extreme negative readings but has eased around 20.
However to bring back the bullish mode the pair will need to fight first 1.3165 and next 1.3215 and eventually 1.3245. On the other hand bears will need to regain the 1.3000 handle in order to drive the pair down towards 1.2957 (the 2018 low).
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