GBPUSD Pushed Lower Out of Major Support Level

  • 19
    June, 2020

    The GBPUSD has had a turbulent week with the release of their monetary policy. During the release, the BOE decided to keep their bank rates unchanged while at the same time, boosting the QE. This lead to a short spike in price but that eventually went down.

     

    Post Brexit EU and UK Talks

    Aside from the monetary policy, another very important piece of news to follow is the EU-UK post Brexit talks. As of current, there is still no progress between the two parties although they both agreed to bolster the talks next month. This is to ensure that there will be a deal by end of 2020. Both UK Prime Minister Boris Johnson and President of France Emmanuel Macron agree that there is no point in extending the talks. On the bright side, reports have shown more progress on the talks compared to the past few weeks.

     

    GBPUSD Technical Outlook

    From the Daily timeframe, GBPUSD still looks a little bit undecided although the price is going well below the 200-MA after the release of the monetary policy data. On the lower timeframes, it can also be seen that the short term uptrend has already been broken and a downtrend seems to be forming.

    The currency pair has also broken out of the 1.24043 level after a tight consolidation signalling a possible continuous downward movement.

     

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