Pound Sterling Price News and Forecast: GBP/USD holds steady after hawkish BOE decision
|GBP/USD retreats from daily high towards 1.3700 as USD recovers
The GBP/USD pair flattened on Friday in the Asian trading hours following a sharp rally in the previous session. Led by the optimism of the Bank of England’s (BOE) surprise hawkish stance, the pair jumped more than 130-pips off the monthly lows near 1.3600 on super Thursday. This Friday, GBP/USD opened lower albeit recovered swiftly to touch the intraday high of 1.3736 but failed to preserve the momentum.
GBP/USD holds steady after hawkish BOE decision
The GBPUSD pair declined after the latest BOE decision. It rose to a high of 1.37000, which was substantially lower than this week’s low of 1.3600. On the four-hour chart, the MACD line has crossed over the histogram while the Relative Strength Index (RSI) has moved from the oversold level. It has also formed a double-bottom pattern. Still, there is a likelihood that the pair will resume the bearish trend in the near term.
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