FxWirePro: GBP/USD trades lower on dovish BOE rate hike, good to sell on rallies
Thursday, August 2, 2018 12:30 PM UTC
- GBPUSD pared all its gains made after BOE monetary policy. The pair hits high of 1.3125 after BOE hiked interest rates by 25 bpbs.
- But very dovish statement by BOE Governor Carney has dragged the Sterling down more than 100 pips from the high. Carney said that Bexit uncertainty is weighing on business investment. The pair hits low of 1.3170 and is currently trading around 1.3017.
- On the lower side , near term support is around 1.3000 and any break below will drag the pair to next level till 1.2955/1.2900.
- Any minor bullishness can be seen only above 1.3130 and any break above will take the pair to next level till 1.3180/1.3230.The minor resistance is around 1.3070/1.3100.
It is good to sell on rallies around 1.3055-60 with SL around 1.3110 for the TP of 1.2955.
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