GBP/USD has broken minor support 1.5100 after release of UK Unemployment and BOE minutes.
Sterling drops to day’s low of 1.5079 after BOE minutes shows 9-0 vote for keeping rates unchanged. MPC sees a “roughly even” chance that CPI will fall below 0% at some point in H1 2015. Any increase in interest rate would increase the chances of prolonged low inflation.
On the downside minor support is around 1.5030 and any break below will take the pair to 1.4850.
The pair’s minor resistance is around 1.5200 and any indicative break above would extend gain to 1.5275/1.5335.
Indicators (4 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell GBP/USD around 1.5100-105, SL 1.5200, Target 1.4851.
Sterling drops to day’s low of 1.5079 after BOE minutes shows 9-0 vote for keeping rates unchanged. MPC sees a “roughly even” chance that CPI will fall below 0% at some point in H1 2015. Any increase in interest rate would increase the chances of prolonged low inflation.
On the downside minor support is around 1.5030 and any break below will take the pair to 1.4850.
The pair’s minor resistance is around 1.5200 and any indicative break above would extend gain to 1.5275/1.5335.
Indicators (4 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell GBP/USD around 1.5100-105, SL 1.5200, Target 1.4851.