FXstreet.com (Barcelona) - After reaching the intra-day high at 1.5195 before BoE interest rate decision, the GBP has fallen quickly against the USD and the pair has lost around 165 pips from 1.5195 to 1.5030, intra-day low. Currently the pair is tradind around 1.5050/60, 0.50% below today's opening price.
Anna Coulling, analyst at Master The Markets, says: Despite the bearish signal of Tuesday this was not confirmed during Wednesday's trading with the daily candle on the dollars to pounds chart ending the day on an up bar but one which closed below the high of the previous day. With all three moving averages pointing higher the currency pair are still teetering on the edge of the 1.50 barrier, and in this morning's trading despite a fresh attempt to break away from this region, the fundamental news including interest rate decision in the UK and US economic data has promptly squashed the British Pound forcing it back from its intra day high of 1.52. If this bullish trend is to continue we need to see a breakout with sustained momentum, rather than the weak sideways stumbling that we are witnessing at present which suggests that the move could peter out at any point.
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