GBP/USD Price Analysis: MACD teases bulls above 10-day SMA
GBP/USD steps back from an eight-day high to 1.2177 during Friday’s Asian session. In doing so, the pair also respects 38.2% Fibonacci retracement of its fall from December 12, 2019, as the immediate resistance. However, sustained trading beyond 10-day SMA and likely MACD turn towards the bullish horizon keep the buyers hopeful.
As a result, a sustained break of 1.2215 immediate resistance could escalate the recovery moves towards a 21-day SMA level of 1.2360. However, 50% Fibonacci retracement, near 1.2465, followed a 200-day SMA level of 1.2670 and 61.8% of Fibonacci retracement around 1.2710, could challenge the bulls afterward.
GBP/USD in 400 pip range!
GBP/USD is in a 400-pip range today and up 2.5% as the Bank of England held their scheduled monetary policy meeting earlier today and left rates unchanged at 0.1%, as expected. This meeting comes only days after the BOE had two emergency rate cuts and slashed rates to its lowest rate ever. The BOE in recent days also began a 200 billion Pound Quantitative Easing program and said they are ready to do more if necessary. The Great British Pound continued its bid on the European open from yesterday’s intraday low of near 1.1650. In addition, the US Dollar has been getting pummeled all day, down 1.5%, pushing the GBP higher vs the US Dollar.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.