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GBP/USD awaits BoE while USD takes charge - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, chief analyst at FXStreet noted that GBP/USD still trades around 1.6200, having ignored GDP positive readings already Europe, sliding along with its European counterpart and reaching 1.6166 from where it bounced.

Key Quotes:

“Nevertheless, the pair remained capped below the 61.8% of the latest daily bullish run from 1.6051 to 1.6523 at 1.6235 now immediate resistance”.

“The 1 hour chart shows indicators turning south below their midlines and 20 SMA capping the upside a few pips below mentioned Fibonacci resistance, reinforcing its strength, while the 4 hours chart shows indicators biased lower, supporting the shorter term view”.

“BOE won’t meet until next week, so there’s little to worry about that these days: dollar strength, if continues, may lead the moves with a break below mentioned 1.6160 pointing to a downward extension towards 1.6080/1.6100 price zone”.

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