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DOVISH BOE SPEAK COULD BREAK A KEY GBPUSD SUPPORT

Dovish BoE speak could break a key GBPUSD support

GBPUSD, Daily

The GBP has underperformed this week after BoE governor Carney said that the low interest rate environment is likely to remain for some time, while his colleague Haldane said that inflation risks were “skewed materially to the downside.” This Dovish BoE speak is seen as a driver for the GBP weakness , as it suggest that the BoE will wait till after the U.S. Fed and ECB rate moves to take effect before making any move. Technically, the GBP has further downside potential towards the 1.4960′s with room for a deeper mover lower near the 1.4890’s-60.

The downside move could be interrupted provided the key 1.5025 support holds that could support a potential price bounce for a lower top below 1.5335. The current strategy calls for selling into any signs of strength for an initial 1.4960 target, with stops near 1.5335.

Friday, 27 Nov, 2015 / 12:13

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Source : http://analysis.hotforex.com/blog/2015/11/27/dovish-boe-speak-could-break-a-key-gbpusd-support/

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