GBP/USD Approaching Resistance Post BoE Decision
Zaktualizowano
As widely expected, the Bank of England (BoE) kept the Base Rate unchanged at 5.25% for a 4th straight meeting. The MPC vote was a rather rare three-way split: two members opted for a rate hike, one for a rate cut, and the remaining six officials voted for a pause. We also witnessed the accompanying Rate Statement etch out its warning that additional tightening would be needed if inflationary pressures persisted, which offered a somewhat dovish vibe to the proceedings.
The rate decision immediately observed a bid in GBP currency pairs and witnessed further upside materialise in US trading. Now, ascending and descending support/resistances tend to perform on GBP pairs. With that being said, the recent bid in the GBP/USD has thrown light on two descending resistance lines taken from highs of $1.2828 and $1.2771 (to be clear, these are not textbook trendlines as if you scan previous price action they actually cut through price, hence the term descending resistance). What’s also technically interesting is the weekly timeframe is currently testing the grip of resistance around $1.2715. The two combined could potentially pull in fresh selling around the 1.2740ish area if challenged.
The rate decision immediately observed a bid in GBP currency pairs and witnessed further upside materialise in US trading. Now, ascending and descending support/resistances tend to perform on GBP pairs. With that being said, the recent bid in the GBP/USD has thrown light on two descending resistance lines taken from highs of $1.2828 and $1.2771 (to be clear, these are not textbook trendlines as if you scan previous price action they actually cut through price, hence the term descending resistance). What’s also technically interesting is the weekly timeframe is currently testing the grip of resistance around $1.2715. The two combined could potentially pull in fresh selling around the 1.2740ish area if challenged.
Uwaga
Price aggressively sold off from the trendline resistance combination. Greate trade for those aware of what was going on higher up on the curve: weekly resistance!
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