Pound Sterling Price News and Forecast: GBP/USD pulls back from an eight-day high
|GBP/USD Price Analysis: MACD teases bulls above 10-day SMA
GBP/USD steps back from an eight-day high to 1.2177 during Friday’s Asian session. In doing so, the pair also respects 38.2% Fibonacci retracement of its fall from December 12, 2019, as the immediate resistance. However, sustained trading beyond 10-day SMA and likely MACD turn towards the bullish horizon keep the buyers hopeful.
As a result, a sustained break of 1.2215 immediate resistance could escalate the recovery moves towards a 21-day SMA level of 1.2360. However, 50% Fibonacci retracement, near 1.2465, followed a 200-day SMA level of 1.2670 and 61.8% of Fibonacci retracement around 1.2710, could challenge the bulls afterward.
GBP/USD in 400 pip range!
GBP/USD is in a 400-pip range today and up 2.5% as the Bank of England held their scheduled monetary policy meeting earlier today and left rates unchanged at 0.1%, as expected. This meeting comes only days after the BOE had two emergency rate cuts and slashed rates to its lowest rate ever. The BOE in recent days also began a 200 billion Pound Quantitative Easing program and said they are ready to do more if necessary. The Great British Pound continued its bid on the European open from yesterday’s intraday low of near 1.1650. In addition, the US Dollar has been getting pummeled all day, down 1.5%, pushing the GBP higher vs the US Dollar.
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