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18 Mar 2015
GBP/USD: BoE coming up; upside limited - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the GBP/USD pair erased all of its early week gains, falling down to 1.4723, weighed by EUR/GBP demand.
Key Quotes:
"The lack of fundamental data in the UK will come to an end this Wednesday, with the release of local employment figures and the Bank of England Minutes, expected to anticipate the Central Bank will keep a dovish tone, and delay a possible rate hike for next year."
"The pair has managed to post a limited bounce from the mentioned daily low, but the short term picture supports some additional declines, as the 1 hour chart shows that the price holds below a bearish 20 SMA, whilst the Momentum indicator heads lower below 100 and the RSI indicator consolidates around 40."
"In the 4 hours chart the 20 SMA continues to limit the upside, currently at 1.4790, albeit the Momentum indicator is crossing its mid-line to the upside while the RSI bounces from oversold levels, suggesting the recovery may extend, particularly if the price advances above the mentioned 1.4790 dynamic resistance level."
Key Quotes:
"The lack of fundamental data in the UK will come to an end this Wednesday, with the release of local employment figures and the Bank of England Minutes, expected to anticipate the Central Bank will keep a dovish tone, and delay a possible rate hike for next year."
"The pair has managed to post a limited bounce from the mentioned daily low, but the short term picture supports some additional declines, as the 1 hour chart shows that the price holds below a bearish 20 SMA, whilst the Momentum indicator heads lower below 100 and the RSI indicator consolidates around 40."
"In the 4 hours chart the 20 SMA continues to limit the upside, currently at 1.4790, albeit the Momentum indicator is crossing its mid-line to the upside while the RSI bounces from oversold levels, suggesting the recovery may extend, particularly if the price advances above the mentioned 1.4790 dynamic resistance level."