GBP/USD faces strong resistance at 1.4690, market awaits BOE Super Thursday for further direction
Candle stick pattern formed - Shooting Star Major resistance -1.4690 (55 day MA) The pair has declined after making a high of 1. is currently trading around 1.45735. On the lower side minor support is around 1.4545 and a…
The pair has declined after making a high of 1. is currently trading around 1.45735.
On the lower side minor support is around 1.4545 and any break below targets 1.4500/1.4450/1.43750.
Any break above major resistance will take the pair to next level around 1.4750/1.4795.
The minor resistance are around 1.4600/1.4650.
Market awaits BOE'S Super Thursday which happens once in a quarter today for further direction. Today three major events happening in U.K namely BOE Monetary policy statement, inflation report and release of policy minutes. BOE Governor is expected to make a dovish comment and there will not be any interest rate hike this year .
It is good to sell on rallies around 1.4575-580 with SL around 1.4690 for the TP of 1.4325/1.4240.
