Forex: GBP/USD quiet around 1.5900
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GBP/USD
FXstreet.com (San Francisco) - Since yesterday's temporary break of the 61.8% retracement of the downswing from 1.6301 to 1.5267, GBPUSD has been sitting quietly at the 1.5900 handle so far this Thursday.
"Sustained gains above the Fibo should favor an upward continuation towards the 1.6000 price zone," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
Ms. Bednarik also notes that indicators are lower but still in positive territory on the 4-hour chart, "supporting some downward correction before a new attempt to break higher," she says.
In the European session ahead, BoE policymakers will conclude their two day meeting and will be key risk event for GBP. With QE currently underway, no change is expected when the MPC announces its decision today.
"Sustained gains above the Fibo should favor an upward continuation towards the 1.6000 price zone," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
Ms. Bednarik also notes that indicators are lower but still in positive territory on the 4-hour chart, "supporting some downward correction before a new attempt to break higher," she says.
In the European session ahead, BoE policymakers will conclude their two day meeting and will be key risk event for GBP. With QE currently underway, no change is expected when the MPC announces its decision today.
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