GBP/USD Price Analysis: BOE cuts rates, adds £200 billion in QE, pound off 35-year lows

GBP/USD is trading off the 1985 lows, approaching the 1.1700 figure.
BOE cuts rates, adds £200 billion in QE, GBP/USD recovers.
GBP/USD correction up might have limited scope.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is recovering from the 1985 lows as the Bank of England (BOE) cut interest rates and adds 200 billion in Quantitative Easing (QE).

GBP/USD four-hour chart

GBP/USD is correcting up while trading off 35-year’s lows. It is unclear how far the correction can go as the market retains an overall bearish bias. Resistance can be met near the 1.1730, 1.1800 and 1.1900 levels on the way up, according to the Technical Confluences Indicator.

Resistance: 1.1730, 1.1800, 1.1900

Support: 1.1600, 1.1485, 1.1400

Additional key levels

GBP/USD

Overview
Today last price	1.1713
Today Daily Change	0.0102
Today Daily Change %	0.88
Today daily open	1.1611

Trends
Daily SMA20	1.2723
Daily SMA50	1.2904
Daily SMA100	1.2958
Daily SMA200	1.2697

Levels
Previous Daily High	1.213
Previous Daily Low	1.1451
Previous Weekly High	1.3201
Previous Weekly Low	1.2264
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.171
Daily Fibonacci 61.8%	1.187
Daily Pivot Point S1	1.1331
Daily Pivot Point S2	1.1052
Daily Pivot Point S3	1.0652
Daily Pivot Point R1	1.2011
Daily Pivot Point R2	1.241
Daily Pivot Point R3	1.269

Author

Flavio Tosti

Independent Analyst

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