The Pound Sterling erased some of its earlier losses against the US Dollar and edged up by 0.03% after the Bank of England’s (BoE) monetary policy decision.
GBP/USD has been trading volatile after the BoE’s decision; stands above 1.2500. BoE’s Bailey sounded dovish after stating they would need to lower rates below what’s priced in. Thursday’s price action is forming a ‘hammer,’ hinting further upside is seen. The Pound Sterling erased some of its earlier losses against the US Dollar and edged up by 0.03% after the Bank of England’s monetary policy decision. The GBP/USD traded at 1.2503 after hitting a low of 1.2445.
Even though momentum favors sellers, as depicted by the Relative Strength Index being in bearish territory, they would also need to push the exchange rate back below 1.2500. In that outcome, the GBP/USD next support would be the May 9 low of 1.2445, followed by the 1.2400 figure. Below this level, the next major support level emerges at the year-to-date low of 1.2299. It should be said that today’s price action is forming a ‘hammer.’ With that said, if buyers clear the 200-DMA at 1.
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