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May 9, 2013
Forex: GBP/USD edges higher ahead of BoE decisions
FXstreet.com (Barcelona) - GBP/USD has edged higher this morning ahead of the BoE interest rate and asset purchase decisions (12 GMT), posting a high at 1.5587, before edging lower during the build up.
The pair moved off overnight support around 1.5540 and has steadily shifted higher throughout the morning session. Despite the earlier spike, spot has maintained its upward momentum, and is now currently trading at 1.5571. Hourly MA´s have an upward bias, alongside Stochastics which are at 66 and RSI which is at 73 and edging into oversold territory.
The pair moved off overnight support around 1.5540 and has steadily shifted higher throughout the morning session. Despite the earlier spike, spot has maintained its upward momentum, and is now currently trading at 1.5571. Hourly MA´s have an upward bias, alongside Stochastics which are at 66 and RSI which is at 73 and edging into oversold territory.