GBP/USD is looking for s new direction as speculation about the upcoming Bank of England decision rocks the pound. How is the currency pair positioned?
The Technical Confluences Indicator is showing that pound/dollar is capped at 1.3134, which is the convergence of the Simple Moving Average 5-15m, the SMA 10-4h, the Fibonacci 61.8% one-day, the Fibonacci 61.8% one-month, and more.
Support is somewhat weaker. At 1.3100, the confluence of the Pivot Point one-day Support 1, the previous daily low, and the SMA 200-4h is seen.
The upside target is 1.3223, which is the meeting point of the Bollinger Band one-day Upper and the Fibonacci 161.8% one-week.
Looking down, support awaits at 1.3058, which is where the 50-day SMA and the Fibonacci 61.8% one-week converge.