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GBP/USD falls daily low of 1.6011 on BoE minutes - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that GBP/USD fell to a daily low of 1.6011 as the BoE minutes revealed the MPC's concerns over Europe's slowdown and its impact on UK growth.

Key quotes

"Price however was unable to extend above the 38.2% retracement of the latest bullish run around 1.6065, and regained the downside on US positive news."

"The 1 hour chart shows price developing below a bearish 20 SMA, while indicators resumed the downside after partially correcting oversold readings."

"In the 4 hours chart technical readings also present a strong bearish momentum, with critical support now at 1.5995, 61.8% retracement of the same rally."

"A break below should anticipate a downward acceleration, eyeing 1.5950 as next probable bearish target in the short term."

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The USD/CAD's climb from 1.1220 to highs was capped at 1.1290 following the BoC decision to maintain unchanged its interest rate at 1% and its somehow hawkish economic statement. The pair is declining fast to daily lows below the 1.1200 area.
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