FxWirePro: GBP/USD trades lower after BOE monetary policy, good to sell on rallies
Cable shown a slight decline after BOE monetary policy meeting. The central bank kept the interest rate unchanged at 0.25%. The committee voted by a majority of 7-1 to maintain bank rate at 0.25%. The pair has broken maj…
Cable shown a slight decline after BOE monetary policy meeting. The central bank kept the interest rate unchanged at 0.25%. The committee voted by a majority of 7-1 to maintain bank rate at 0.25%. The pair has broken major intraday support at 1.2900 and declined till 1.28523 and it is currently trading around 1.28547.
BOE monetary policy committee (MPC) sets monetary policy to meet 2% inflation target to sustain growth and employment.
On the higher side, major resistance is around 1.3000 and any break above confirms bullish continuation. Any break above will take the pair till 1.3050/1.3088 in the short term.
The near term support is around 1.2830 (May 4th 2017 low) and any break below will drag the pair down till 1.2780 (23.6% retracement of 1.2108 and 1.29875).
It is good to sell on rallies around 1.29000 with SL around 1.29500 for the TP of 1.2750.
