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5 Jun 2014
GBP/USD slight uptick post BoE policy hold
FXStreet (London) - GBP/USD has edged higher in the immediate aftermath of the Bank of England decision to hold policy again.
GBP/USD traded with very little impetus overnight, struggling to get above the 1.6750 mark, but gained some upside traction in the early European session with spot climbing to post a high at 1.6791. This morning saw an improvement in German factory orders, and also a big jump in UK House prices, helping to create a bit of upward price momentum.
The move failed to test the 1.6800 mark, stuttering at the 1.6791 point before easing back to 1.6755 in the build up to the The Bank of England Interest Rate and Asset Purchase decisions. Analysts had not anticipated any change from the Old Lady of Threadneedle Street in the build up and proved correct, and despite the decline in the build up to the event, the call has helped spot to advance to where its presently trading at 1.6770.
GBP/USD Technicals
Daily RSI sits at 42.58 in neutral territory, while daily 2-standard deviation volatility bandwidth is at 239 pips and shrinking. Current price is 1.6770 (Yesterdays High & Daily Classic R1), with resistance ahead at 1.6777 (Weekly Classic PP) and 1.6790 (Daily 20 SMA). To the downside we see support at 1.6765 (Hourly 200 SMA), 1.6755 (Weekly High), 1.6749 (Hourly 20 EMA), 1.6746 (Hourly 100 SMA), 1.6736 (Daily Open) and 1.6735 (Daily Classic PP).
GBP/USD traded with very little impetus overnight, struggling to get above the 1.6750 mark, but gained some upside traction in the early European session with spot climbing to post a high at 1.6791. This morning saw an improvement in German factory orders, and also a big jump in UK House prices, helping to create a bit of upward price momentum.
The move failed to test the 1.6800 mark, stuttering at the 1.6791 point before easing back to 1.6755 in the build up to the The Bank of England Interest Rate and Asset Purchase decisions. Analysts had not anticipated any change from the Old Lady of Threadneedle Street in the build up and proved correct, and despite the decline in the build up to the event, the call has helped spot to advance to where its presently trading at 1.6770.
GBP/USD Technicals
Daily RSI sits at 42.58 in neutral territory, while daily 2-standard deviation volatility bandwidth is at 239 pips and shrinking. Current price is 1.6770 (Yesterdays High & Daily Classic R1), with resistance ahead at 1.6777 (Weekly Classic PP) and 1.6790 (Daily 20 SMA). To the downside we see support at 1.6765 (Hourly 200 SMA), 1.6755 (Weekly High), 1.6749 (Hourly 20 EMA), 1.6746 (Hourly 100 SMA), 1.6736 (Daily Open) and 1.6735 (Daily Classic PP).