FXstreet.com (Barcelona) - Pound and Euro have suffered considerable declines in the first hours of today's European session, on the back of very negative BoE minutes, although they could recover partially to hold above important support levels, Yen and Swiss Franc are going through bullish patterns attempting to break resistance levels.
GBP/USD has been the main mover on today's European morning time, dropping from 1.4286 to 1.4090 immediately after the BoE minutes release, as Blanchflower affirmed that the MPC reacted too late on cutting interest rates. The pound has managed to recover above critical level at 1.4135, trying to raise above 1.4215.
The EUR/USD has launched two assaults on 1.2557 critical support level, although it has remained intact and it has picked up some strength to climb some pips to approach resistance level at 1.2630, the Euro remains too heavy though to break above there.
USD/JPY has continued moving higher committed to break six-week high at 92.75, after rallying from 92.00 intra-day low. USD/CHF is in a similar situation although reversing from 1.1763 on its way to break resistance at 1.1780, has taken the USD down to 1.1712.