The zone of potential resistance that runs from 1.3447-1.3500 could be especially interesting for this theme, as this area had held support for almost three weeks in May, even through the dovish BoE ‘Super Thursday’ rate decision in the early portion of the month.
GBP/USD Daily Forecast - 25 June
Last week’s Bank of England rate decision was a bit surprising as three members of the MPC voted for an immediate rate hike; and the fact that the BoE’s Chief Economist was one of the dissenters certainly seemed to catch notice. GBP/USD had earlier in the day run-into the 38.2% retracement of the Brexit move at 1.3117. This was an initial target in a short-side setup we’d looked at earlier in the week; but after the results of that vote circulated through markets, Sterling bulls began to take control. At this stage we’re now testing the 1.3300 level, but there may be more upside here before longer-term bears may be motivated enough to jump into the trade.
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