GBP/USD has shown a more than 100 pips jump after BOE monetary policy. Bank of England has kept its interest rates unchanged as expected but with slightly hawkish comment is the main reason for sudden jump in cable.Three…
GBP/USD has shown a more than 100 pips jump after BOE monetary policy. Bank of England has kept its interest rates unchanged as expected but with slightly hawkish comment is the main reason for sudden jump in cable.Three members has voted for rate hike. Markets expects BOE to hike rate in Aug. Earlier pound was supported from the news that UK PM has won Brexit vote in House of Commons.
Technically the pair has jumped slightly above 1.3200 level till 1.32127. The pair should close well above 1.3200 on daily basis for further jump till 1.3300 level. Any break above 1.3310 (20- day MA) will take the pair to next level till 1.3400/1.3470 (Jun 7th high).
On the lower side, near term major support is around 1.3100 and any break below will 1.3045 (trend line support)/1.3000.
It is good to buy on dips around 1.3175-80 with SL around 1.3125 for the TP of 1.3300.
