GBP USD Could Break to 1.6690 Over Short-Run

The GBP USD is facing strong selling pressure today because of thesurprise news from the Bank of England.  Early this morning the BoEannounced that it would fund its asset buyback program with anadditional $84 billion.

Intraday Analysis

GBP USD

The GBP USD is facing strong selling pressure today because of the surprise news from the Bank of England.  Early this morning the BoE announced that it would fund its asset buyback program with an additional $84 billion. 

This news caught traders by surprise because the driving force during the recent rally has been the thought that the improved U.K. economy would encourage the BoE to temporarily end its asset buyback program.

Technically the main trend is up but subject to selling pressure.  The short-term range is 1.6338 to 1.7042.  This sets up the next downside objective at 1.6690 to 1.6607. Watch for a technical bounce at this level if tested.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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