Forex Technical Update
GBP/USD 1H Chart 7/5/2012 11:25AM EDT
The GBP/USD broke below a range before the BoE meeting in anticipation of more QE. Indeed, the MPC decided to expand its asset purchase program by £50 bn to £375 bn. Following this announcement the GBP/USD accelerated this week's losses opening up last week's low and support pivot near 1.5490.
A swing projection seen in the 4H chart targets the 1.5430 area. We have a pivot zone in the 1.54-1.5430 area. Below that we open up the June low of 1.5280.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of rex News, Analysis, Education, Videos, Charts, and other trading resources.
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