FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the GBP/USD has dropped following worse than expected UK trade balance numbers, released in the European morning ahead of the BoE interest rate announcement.



Key quotes



"The GBP/USD trades lower but within a tight range ahead of the Central Bank announcement, presenting a strong bearish tone in its 4 hours chart, with momentum suggesting there’s room for more slides and price developing below its 20 SMA."



"Lately buyers surged around 1.7090 immediate support zone, while 1.7060 stands in the way of a deeper fall, as per being the 23.6% retracement of the latest bullish run, towards 1.7000/20."



"Resistance stands now at 1.7150 and a break above it may see the pair back nearing 1.7180 year high, while a break above this last is required to see the pair resuming its bullish trend."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  3. Forex News

    Monetary Policy Speculation Continues Next Week With NFPs, RBA and BoE

  4. Forex News

    GBP Opening Monthly Range Hinges on BoE Vote Count, Inflation Report

  5. Forex News

    BoE inflation report - TDS

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!