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23 Apr 2015
GBP/USD on 1.50 post BoE minutes - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the GBP/USD surged to a fresh 6-week high of 1.5078 following the release of the Bank of England latest Minutes.
Key Quotes:
"Showing that all MPC members voted to keep rates and the APP unchanged, but also agreed that the next rate move will likely be an increase."
"There was no date for such move, yet the line was enough to key Pound buoyed all through the session. The Minutes also stated that there's risk of negative inflation readings in the UK during the upcoming months, but policymakers expect it to pick up during next year."
"This Thursday, the UK will release its March Retail Sales figures, expected slightly below February ones. The GBP/USD pair held to its daily gains, with buyers surging on retracements towards the 1.5000 figure, now the immediate support."
"The 1 hour chart shows that the price advances above a bullish 20 SMA, whilst the technical indicators aim higher near overbought levels. In the 4 hours chart, the Momentum indicator maintains its strength above 100 whilst the RSI turned flat around overbought levels."
"Moving averages in this last time frame stand well below the current level, all of which supports additional advances towards the 1.5165 level, the high posted after the March FOMC meeting."
Key Quotes:
"Showing that all MPC members voted to keep rates and the APP unchanged, but also agreed that the next rate move will likely be an increase."
"There was no date for such move, yet the line was enough to key Pound buoyed all through the session. The Minutes also stated that there's risk of negative inflation readings in the UK during the upcoming months, but policymakers expect it to pick up during next year."
"This Thursday, the UK will release its March Retail Sales figures, expected slightly below February ones. The GBP/USD pair held to its daily gains, with buyers surging on retracements towards the 1.5000 figure, now the immediate support."
"The 1 hour chart shows that the price advances above a bullish 20 SMA, whilst the technical indicators aim higher near overbought levels. In the 4 hours chart, the Momentum indicator maintains its strength above 100 whilst the RSI turned flat around overbought levels."
"Moving averages in this last time frame stand well below the current level, all of which supports additional advances towards the 1.5165 level, the high posted after the March FOMC meeting."