Home GBP/USD Price Analysis: BOE cuts rates, adds £200 billion in QE, pound off 35-year lows
FXStreet News

GBP/USD Price Analysis: BOE cuts rates, adds £200 billion in QE, pound off 35-year lows

FX Street
Updated:
  • GBP/USD is trading off the 1985 lows, approaching the 1.1700 figure.
  • BOE cuts rates, adds £200 billion in QE, GBP/USD recovers.
  • GBP/USD correction up might have limited scope.
 

GBP/USD daily chart

 
GBP/USD is recovering from the 1985 lows as the Bank of England (BOE) cut interest rates and adds 200 billion in Quantitative Easing (QE). 
 

GBP/USD four-hour chart

 
GBP/USD is correcting up while trading off 35-year’s lows. It is unclear how far the correction can go as the market retains an overall bearish bias. Resistance can be met near the 1.1730, 1.1800 and 1.1900 levels on the way up, according to the Technical Confluences Indicator.
 
 
Resistance: 1.1730, 1.1800, 1.1900
Support: 1.1600, 1.1485, 1.1400
 
  

Additional key levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024