The GBP/USD posted a lower low for the year at 1.5582, a couple of pips below previous one, ahead of BOE Minutes, and with investors overly positioned short for a dovish stance, it was quite a shock see votes unchanged at 7-2 and a more hawkish than expected stance, as the Central Bank sees “risk slack soon exhausted and boosting CPI.” Pound spiked higher against most rivals, sending GBP/USD up to current 1.5650 price zone, daily high.
Technically however, the 4 hours chart shows price stalled around its 20 SMA that maintains a strong bearish slope, whilst indicators aim higher but still below their midlines, suggesting current recovery may remain as corrective: recent highs around 1.5678 stand in the way for further intraday gains, as price needs to establish above this last to be able to continue advancing, eyeing in the short term 1.5720/40 price zone.
Failure at current levels on the other hand, may see the pair slowly regaining the downside, with a break below 1.5620 supporting another round of selling towards 1.5550/80 price zone.
View Live Chart for GBP/USD
Technically however, the 4 hours chart shows price stalled around its 20 SMA that maintains a strong bearish slope, whilst indicators aim higher but still below their midlines, suggesting current recovery may remain as corrective: recent highs around 1.5678 stand in the way for further intraday gains, as price needs to establish above this last to be able to continue advancing, eyeing in the short term 1.5720/40 price zone.
Failure at current levels on the other hand, may see the pair slowly regaining the downside, with a break below 1.5620 supporting another round of selling towards 1.5550/80 price zone.
View Live Chart for GBP/USD
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