The British currency weakened against the US dollar after the BoE decided not to make any changes in monetary policy, keeping the rate at the same minimum level of 0.25%. Note that the Bank of England pointed to possible rate changes in the negative direction if the pace of economic development will remain weak.
Current situation
The pound came under strong wave of selling when the Bank of England kept interest rates unchanged. The initiative is now in the hands of merchants. They are trying to take control of the level of 1.3200. Price tested the 50 EMA 100 EMA and the 200 EMA on the 4-hour chart. EMA 50 is directed downward, and the 100-EMA-EMA 200 neutral. Resistance is located at 1.3360, support - at 1.3200.
MACD is in the negative zone. Histogram decreased, indicating that amplification products sellers. RSI approaches oversold territory.
Forecast GBP / USD
If the pressure on the pair GBP / USD continues, the downward movement will continue. In this case the pair breaks the level of 1.3200, and fall further to around 1.3100.
Based on materials from Fort Financial Services
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