BOE may still warn of inflation, GBPUSD raises new target
The British pound (GBP) will continue to outperform after the Bank of England signaled that it will maintain its restrained approach to interest rate cuts.
Bank of England Governor Bailey said the central bank needs to be careful not to cut interest rates too quickly or too much. He also said that since the August meeting, inflationary pressures in the UK have continued to ease and overall economic performance is in line with expectations.
The Bank of England certainly seems not to be on the Fed's side and will not send a signal to lift its inflation warning. The British pound will likely continue to perform well in the near term, based on fundamentals.
On the daily chart,
GBPUSD in the main uptrend with the price channel as the main trend and the EMA21 level as the main support.
The current position of GBP/USD above the 0.50% fibonacci extension shows that it could still continue to increase briefly in the near term with the 0.618% Fibonacci level, 1.33717 price point as the target.
The relative strength index (RSI) is pointing up but has not yet reached the overbought level, showing that there is still a bit of room for price growth ahead.
As long as GBP/USD remains within the price channel, the main outlook will remain bullish and in the short term notable levels for a bullish outlook are listed below.
Support: 1.33009 – 1.32301
Resistance: 1.33717
Bank of England Governor Bailey said the central bank needs to be careful not to cut interest rates too quickly or too much. He also said that since the August meeting, inflationary pressures in the UK have continued to ease and overall economic performance is in line with expectations.
The Bank of England certainly seems not to be on the Fed's side and will not send a signal to lift its inflation warning. The British pound will likely continue to perform well in the near term, based on fundamentals.
On the daily chart,
GBPUSD in the main uptrend with the price channel as the main trend and the EMA21 level as the main support.The current position of GBP/USD above the 0.50% fibonacci extension shows that it could still continue to increase briefly in the near term with the 0.618% Fibonacci level, 1.33717 price point as the target.
The relative strength index (RSI) is pointing up but has not yet reached the overbought level, showing that there is still a bit of room for price growth ahead.
As long as GBP/USD remains within the price channel, the main outlook will remain bullish and in the short term notable levels for a bullish outlook are listed below.
Support: 1.33009 – 1.32301
Resistance: 1.33717
Заметка
GBPUSD hit a yearly high of 1.3429 during the Asian session before turning lower. The subsequent decline took the pair back to support at 1.3358. GBPUSD is trading around 1.3385. Resistance is at 1.3411.Заметка
Заметка
During the European session on Thursday, GBP/USD rebounded to around 1.2935, recovering impressively from the 11-week bottom at 1.2830 set the previous day.
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