GBP Gains Momentum As BOE Retains Current Policy
FxGrow | May 13, 2016 06:21AM ET
The GBP/USD reached 1.4530 high yesterday as the Bank of England (BOE) reiterated its view on policy and downgraded its GDP outlook. The GBP/USD is attempting to breakout of the downward trend and the RSI remains bullish for the pound and breaking the resistance point 1.4475 will expand its upward move toward 1.4495, 1.4515 and 1.4545 respectively.
However, the BOE used the quarterly inflation report to warn on ‘BREXIT’ putting pressure on the British pound and cutting 1.4365 supports the bearish trend and open the door for further declines toward near-term support levels 1.4335 and 1.4300.
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