- BOE does not target GBP
- financial conditions are relative stable in UK since the beginning of the year
- Can argue for a slightly lower for bank rates
The GBPUSD is trading back above its 100 hour MA at 1.35579 (currently at 1.3569) after climbing back above the MA for the first time since last Friday. The pair is also back above a swing area going back to Jan/February (see 4-hour chart below) between 1.3745 and 1.3758. The dip on the last hourly bar found support buyers in that area. Key barometer for buyers and sellers now.
Below is the hourly chart with the 100 hour MA. The 38.2% of the recent run lower is at 1.3796. The 200 hour MA is up at 1.3829. Both are upside targets if the aforementioned support can hold.