FxWirePro: GBP/USD intraday downside momentum strong after Bank of England cuts rates
GBP/USD declined sharply on Thursday as sterling attracted sellers after the Bank of England cut interest rates to a record-low 0.25 percent from 0.5 percent. BoE also announced that it would buy 60 billion pounds of gov…
GBP/USD declined sharply on Thursday as sterling attracted sellers after the Bank of England cut interest rates to a record-low 0.25 percent from 0.5 percent.
BoE also announced that it would buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union
Currently, the currency pair is trading at 1.3067 levels, it is set to decline towards 1.3000 later towards 1.2960 levels in the short term.
To the upside, the strong resistance can be seen at 1.3211, a break above this level would expose the cable to next resistance level at 1.3246 levels.
To the downside, immediate support can be seen at 1.3067, a break below at this level will open the door towards next level at 1.3000.
