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GBP/USD: support was eroded

GBP/USD closed on Thursday below the important support at 1.5050 formed by the line connecting 2010 and 2013 lows.

The Bank of England, as many other central banks, has changed its tone to a more dovish one. Two members of the Monetary Policy Committee who earlier proposed to raise interest rates, this time voted to keep the benchmark rate unchanged at 0.5%. This created negative pressure on the British currency despite better-than-expected labor market data and small growth in retail sales.

Next week the main release in the UK will be the nation’s GDP data on Tuesday. GBP/USD will also be strongly influenced by the Fed’s meeting results on Wednesday.

GBP/USD remains in the downtrend. From the technical point of view, the next targets are near 2013 lows just above 1.4800. Resistanceisat1.5200 and 1.5400.

Monday, 26 Jan, 2015 / 10:04

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