5 Sep 2013
GBP/USD overtakes 1.5600 ahead of BoE
FXstreet.com (Lisbon) - The GBP/USD foreign exchange rate has rallied back above the 1.5600 region during European trading Thursday, as investors brace for the BoE later today.
Indeed, the BoE is one of several central banks this week that is scheduled to make an announcement, with the BoE Interest Rate Decision (0.5% projected), and the BoE Asset Purchase Facility expected at 11:00 GMT.
GBP/USD technical levels
At this juncture, the GBP/USD has now moved higher again towards 1.5618, unable to shake a loss of -0.04% still. Technically speaking, the GBP/USD remains fortified above supports at 1.5596, ahead of 1.5556, and 1.5522, calculates the Danske Research Team.
According to the Technical Analyst Team at ICN.com, “After the GBP/USD touched 88.6% correction at 1.5645 it dropped again proving the strength of this level which we count on to suggest a downside move today. Momentum Indicators are showing negativity and Linear Regression Indicators represents significant resistances for the pair despite being positive.”
Indeed, the BoE is one of several central banks this week that is scheduled to make an announcement, with the BoE Interest Rate Decision (0.5% projected), and the BoE Asset Purchase Facility expected at 11:00 GMT.
GBP/USD technical levels
At this juncture, the GBP/USD has now moved higher again towards 1.5618, unable to shake a loss of -0.04% still. Technically speaking, the GBP/USD remains fortified above supports at 1.5596, ahead of 1.5556, and 1.5522, calculates the Danske Research Team.
According to the Technical Analyst Team at ICN.com, “After the GBP/USD touched 88.6% correction at 1.5645 it dropped again proving the strength of this level which we count on to suggest a downside move today. Momentum Indicators are showing negativity and Linear Regression Indicators represents significant resistances for the pair despite being positive.”