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Forex: GBP/USD falls below support following BoE

After trading at an annual low of 1.5572 yesterday, the GBP/USD once again found itself in familiar territory – south of its opening. Following the aftermath of the BoE Quarterly Inflation report and as the BoE Governor King Speech unfolds the cross was seen trading at 1.5628/30, down -0.22%.

After breaking initial support at 1.5645, Slobodan Drvenica, an analyst at Windsor Brokers Ltd., cites the next supportive measures at the key 1.5600 barrier, down to 1.5572. Conversely, a prolonged rise in the exchange will test resistive means of correction at 1.5675, then 1.5688, and finally 1.5700.

“A slight improvement on hourly studies is insufficient for a stronger recovery of the GBP/USD for now, as the 4h structure remains strictly negative, along with overall bearish picture that describes the latest rally as corrective and preceding fresh weakness.” warns Slobodan Drvenica, an analyst at Windsor Brokers Ltd.

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Derek Halpenny, European Head of Global Market Research at the Bank of Tokyo Mitsubishi UFJ notes that President Obama´s State of the Union speech last night set out the US´s focus for the year ahead.
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