GBP/USD Price Analysis: Pound depressed near 35-year lows, post-BOE rate cut and £200 billion QE addition

GBP/USD is trading near the 1985 lows, below the 1.1600 figure.
GBP/USD correction up is failing as the market remains bearish.
BOE cuts rates, adds £200 billion in QE, GBP/USD reacts up initially.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD remains under selling pressure near the 1985 lows after the Bank of England (BOE) cut interest rates and adds 200 billion in Quantitative Easing (QE).

GBP/USD four-hour chart

GBP/USD correction is currently finding little follow-through from the bulls. Bears are pushing the price lower towards the 1.1485 level as they want to set their eyes on the 1.1400 and 1.1300 levels, if they can keep the momentum going. Resistance can be expected near the 1.1600, 1.1730 and 1.1800 figures, according to the Technical Confluences Indicator.

Resistance: 1.1600, 1.1730, 1.1800

Support: 1.1485, 1.1400, 1.1300

Additional key levels

GBP/USD

Overview
Today last price	1.1554
Today Daily Change	-0.0057
Today Daily Change %	-0.49
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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