BoE minutes not hawkish enough to revert GBP/USD bearish trend - FXStreet

By FXstreet.com | August 20, 2014 AAA

FXStreet (Barcelona) - FXStreet Chief Analyst Valeria Bednarik comments on the GBP/USD price action following the release of BoE minutes today, revealing that two MPC members voted in favor of a rate hike.

Key quotes



"The 4 hours chart shows price stalled at 1.6678, right below its 20 SMA in the mentioned time frame that maintains a clear bearish slope."



"Momentum maintains its bearish slope and stands near oversold levels, while RSI barely corrects higher, both well into negative territory."



"Furthermore, price retraced back to 1.6650 price zone, 200 DMA suggesting data is not enough to revert current bearish trend."



"Some consolidation should be expected now, yet as long as the high holds, the upside will remain limited, with a break below 1.6600 putting the pair back in the bearish track towards 1.6540/60 price zone."



"A steady advance beyond 1.6680 on the other hand, may see price attempting a recovery towards 1.6730, where a daily descendant trend line coming from this year high should halt further advances."



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center