- Two BoE MPC members voted for interest-rate cut and weighed on the GBP.
- The downside seems limited as investors eye Carney’s speech for a fresh impetus.
The selling pressure around the British Pound re-emerged post-BoE announcement and dragged the GBP/USD pair to fresh 1-1/2 week lows, around the 1.2820 region.
The pair failed to capitalize on its attempted intraday recovery move and met with some fresh supply near 200-hour SMA, around the 1.2880 region. The rejection slide accelerated further after two BoE MPC members – Saunders and Haskel unexpectedly voted for a 25bps rate cut.
Against the backdrop of prolonged Brexit uncertainties and the latest UK political developments, the dovish vote distribution took its toll on the British Pound and turned out to be one of the key factors exerting some fresh downward pressure on the British Pound.
The downside, however, remained cushioned, at least for the time being, as market participants now look forward to the post-meeting press conference, where comments by the BoE Governor Mark Carney might lead to a fresh bout of volatility around the GBP crosses.
Technical levels to watch
|Today last price||1.2855|
|Today Daily Change||-0.0001|
|Today Daily Change %||-0.01|
|Today daily open||1.2856|
|Previous Daily High||1.2898|
|Previous Daily Low||1.2843|
|Previous Weekly High||1.2976|
|Previous Weekly Low||1.2804|
|Previous Monthly High||1.3013|
|Previous Monthly Low||1.2194|
|Daily Fibonacci 38.2%||1.2864|
|Daily Fibonacci 61.8%||1.2877|
|Daily Pivot Point S1||1.2834|
|Daily Pivot Point S2||1.2811|
|Daily Pivot Point S3||1.2779|
|Daily Pivot Point R1||1.2889|
|Daily Pivot Point R2||1.2921|
|Daily Pivot Point R3||1.2944|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.