The GBP/USD sunk to a daily low of 1.5070, following news all 9 voting of the MOC voting members decided to keep rates on hold. That means a rate hike in the UK this year has become less likely, as inflation remains depressed on oil slump. Alongside with BOE Minutes, the UK released its monthly employment figures, with the unemployment rate falling down to 5.8% and a rising number of people in work. Wages remained steady although grew less than expected, another stone in the path for rate hikes.
The 4 hours chart for the GBP/USD shows that the price is stabilizing below the 1.5100 figure, after accelerating below a mild bearish 20 SMA currently around 1.5135 now immediate resistance. Indicators hold steady around neutral territory, not reflecting yet the latest slide. The risk of further declines has increased strongly and will remain in place as long as the mentioned resistance holds. A downward continuation below the daily low of 1.5070 should lead to a retest of this January low at 1.5033, whilst a break below this last should fuel the slide down to 1.4980 price zone.
View Live Chart for GBP/USD
The 4 hours chart for the GBP/USD shows that the price is stabilizing below the 1.5100 figure, after accelerating below a mild bearish 20 SMA currently around 1.5135 now immediate resistance. Indicators hold steady around neutral territory, not reflecting yet the latest slide. The risk of further declines has increased strongly and will remain in place as long as the mentioned resistance holds. A downward continuation below the daily low of 1.5070 should lead to a retest of this January low at 1.5033, whilst a break below this last should fuel the slide down to 1.4980 price zone.
View Live Chart for GBP/USD
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