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GBPUSD analysis 19 - 23 June 2017

GBPUSD analysis 19 - 23 June 2017

 

The pair rose during the week after reaching its lowest level at 1.2637, rising to a high of 1.2816 before closing at the end of the week at 1.2774.

The Bank of England's monetary policy committee decided to keep interest rates unchanged as expected, but disagreed that the decision was not unanimous while three members voted in favor of raising interest - Saunders, Mcaferty and Forbes.

At the same time, the members of the committee agreed that there was a need to raise interest, but in a limited and gradual steps and this comes after the inflation rates exceeded the target that was achieved

Technically

A break of 1.2770 level could push the pair to rise towards 1.2850 and if it crosses this level it could extend towards 1.2940 and then the resistance level of 1.2990.

Staying below 1.2770 could cause a fall towards the 50 SMA at 1.2663 and then 1.2635 and in the case of breaking the last level, the downside may extend towards 1.2550.

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