GBPUSD Analysis: Tests 200-hour SMA
|GBPUSD
The Pound remained rather steady against the US Dollar on Thursday morning due to traders awaiting the BOE Monetary Policy Statement released mid-session.
Despite the benchmark rate being left on hold, the market was surprised by the hawkish undertone of the statement, thus causing the Sterling to fall 1.12% within a couple of hours. This strong appreciation resulted in a reversal from the senior channel and a breakout from the 55– and 100-hour SMAs and a historic resistance/support level at 1.3232.
Given that technical indicators are located in the overbought territory and the pair has approached an important resistance cluster set by the 55– and 100-period (4H) and the 200-hour SMAs near 1.33, its general direction is more likely to be to the downside today.
Strong support is likewise ahead at 1.3180.
Interested in GBPUSD technicals? Check out the key levels
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