The Pound Sterling erased some of its earlier losses against the US Dollar and edged up by 0.03% after the Bank of England’s (BoE) monetary policy decision. The GBP/USD traded at 1.2503 after hitting a low of 1.2445.
Earlier, the BoE held rates unchanged in a 7-2 split vote, with David Ramsden and Swati Dhingra voting for a quarter of a percentage point. After releasing its monetary policy statement, the BoE hosted a press conference. BoE Governor Andrew Bailey stated the central bank would need to cut rates more than it is currently priced by market rates.
Given the fundamental backdrop, the GBP/USD remains neutral with a downward bias, with the pair failing to crack the 200-day moving average (DMA) decisively. Even though momentum favors sellers, as depicted by the Relative Strength Index (RSI) being in bearish territory, they would also need to push the exchange rate back below 1.2500.
In that outcome, the GBP/USD next support would be the May 9 low of 1.2445, followed by the 1.2400 figure. Below this level, the next major support level emerges at the year-to-date (YTD) low of 1.2299.
It should be said that today’s price action is forming a ‘hammer.’ With that said, if buyers clear the 200-DMA at 1.2542, the next resistance would be the confluence of the May 6 high and the 50-DMA at around 1.2594/1.2600. Once cleared, the 100-DMA at 1.2634 would follow.
Overview | |
---|---|
Today last price | 1.2509 |
Today Daily Change | 0.0011 |
Today Daily Change % | 0.09 |
Today daily open | 1.2498 |
Trends | |
---|---|
Daily SMA20 | 1.2482 |
Daily SMA50 | 1.2604 |
Daily SMA100 | 1.264 |
Daily SMA200 | 1.2545 |
Levels | |
---|---|
Previous Daily High | 1.2516 |
Previous Daily Low | 1.2468 |
Previous Weekly High | 1.2635 |
Previous Weekly Low | 1.2466 |
Previous Monthly High | 1.2709 |
Previous Monthly Low | 1.23 |
Daily Fibonacci 38.2% | 1.2486 |
Daily Fibonacci 61.8% | 1.2497 |
Daily Pivot Point S1 | 1.2472 |
Daily Pivot Point S2 | 1.2446 |
Daily Pivot Point S3 | 1.2424 |
Daily Pivot Point R1 | 1.252 |
Daily Pivot Point R2 | 1.2542 |
Daily Pivot Point R3 | 1.2568 |
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