Pound suffered also early Europe, triggering stops below the 1.6100 level against the greenback, and falling down to 1.6060 before the release of BOE Minutes. As for the economic policy, the Central Bank left it unchanged, with votes steady at 7-2-0. But the key note was the concerns expressed by members on how the European slowdown may weight on UK recovery: GBP/USD fell down to 1.6010 after the news.
Technically, the 4 hours chart shows price recovering some above the 50% retracement of its latest bullish run at 1.6030, but shows no aims to extend its advance. Indicators in the same time frame maintain their bearish slopes dip in negative territory, supporting further slides ahead: the 61.8% retracement of the same rally stands at 1.5995, and once it gives up, the pair will likely extend its decline towards 1.5940/50 price zone.
The upside should remain capped by 1.6070 price zone, where the pair presents several intraday highs and lows from these last days, along with the 38.2% retracement of the same rally. Only a steady recovery above it, quite unlikely at the time being, will deny the bearish bias and push price back to 1.6110 price zone.
View Live Chart for GBP/USD
Technically, the 4 hours chart shows price recovering some above the 50% retracement of its latest bullish run at 1.6030, but shows no aims to extend its advance. Indicators in the same time frame maintain their bearish slopes dip in negative territory, supporting further slides ahead: the 61.8% retracement of the same rally stands at 1.5995, and once it gives up, the pair will likely extend its decline towards 1.5940/50 price zone.
The upside should remain capped by 1.6070 price zone, where the pair presents several intraday highs and lows from these last days, along with the 38.2% retracement of the same rally. Only a steady recovery above it, quite unlikely at the time being, will deny the bearish bias and push price back to 1.6110 price zone.
View Live Chart for GBP/USD
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