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21 May 2015
GBP/USD was bid on hawkish BoE minutes - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD traded as low as 1.5471 in the European session, before the release of BOE's Minutes showing MPC members voted unanimously to keep the current economic policy unchanged, whilst they believe the economic slowdown will probably be over within a year.
Key Quotes:
"The only negative tone of this mostly hawkish statement was related to the housing sector, as officers suggested rising prices will be closely watched by the Central Bank."
"The pair managed to post a daily high of 1.5587, but retreated, trading now around the 1.5540 Fibonacci level, the 38.2% retracement of the bullish rally between 1.5088 and 1.5814."
"The short term picture is mild bullish, as the price holds above its 20 SMA whilst the technical indicators aim higher above their mid-lines."
"In the 4 hours chart, however, the technical indicators are losing their upward strength well below their mid-lines whilst the 20 SMA maintains a strong bearish slope in the 1.5600 price zone, whilst the 23.6% retracement of the mentioned rally stands around 1.5620, all of which suggests only a recovery above this last will signal a recovery of the British Pound."
Key Quotes:
"The only negative tone of this mostly hawkish statement was related to the housing sector, as officers suggested rising prices will be closely watched by the Central Bank."
"The pair managed to post a daily high of 1.5587, but retreated, trading now around the 1.5540 Fibonacci level, the 38.2% retracement of the bullish rally between 1.5088 and 1.5814."
"The short term picture is mild bullish, as the price holds above its 20 SMA whilst the technical indicators aim higher above their mid-lines."
"In the 4 hours chart, however, the technical indicators are losing their upward strength well below their mid-lines whilst the 20 SMA maintains a strong bearish slope in the 1.5600 price zone, whilst the 23.6% retracement of the mentioned rally stands around 1.5620, all of which suggests only a recovery above this last will signal a recovery of the British Pound."