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Despite the 50 bp hike by the BOE, the GBPUSD is lower on the week and below MA support

Despite a 50 basis point hike by the Bank of England this week, the GBPUSD is trading lower in the week. Concerns of slower growth despite high inflation is weighing on the currency pair today.Technically, the price of the GBPUSD has dipped back below its 200-hour moving average at 1.27312. Stay below the moving average keeps the bias in the favor of the sellers at least in the short term. There is work to do, however, as a swing area between 1.2689 and 1.2698 needs to be broken and stay broken... Read More

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Posted: Jun 23 2023, 13:24

Author Name: forexlive

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