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GBP/USD Retreats from Critical Resistance on Dovish Meeting Minutes

Once again, one MPC member voted for more QE. 8 other voted against it. GBP/USD is now pulling back from a very important line.

Perhaps a more interesting note from the minutes is that  the BOE said that the £ rise ‘unwelcome’. Everybody wants a weak currency.

In addition, “”Q4 GDP may fall”, says they see flat near term output.

GBP/USD was already pushing higher before the release of the meeting minutes, trading at 1.6294. 1.63 is a clear resistance line on the charts.

After the release, GBP/USD is falling back a bit. For more lines, see the GBPUSD forecast.

QE4, announced last week in the US, is still weakening the US dollar. The 1.63 line could certainly be broken later on. We have already seen a major breakout in EUR/USD.


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.