Pound Sterling needs to stabilize above 1.2600 to stage a rebound

GBP/USD Elliott Wave: Buying the dips at the blue box area

In this technical article, we’re going to take a look into the Elliott Wave charts of GBPUSD,  exclusively presented in the members’ area of our website.  As our members know GBPUSD has recently  made pull back that made clear 3 waves down from the March 8th peak and completed correction right at the Equal Legs zone ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern  and trading setup.

The pair is correcting cycle from the 1.2597 low. The pull back is showing lower low sequences from March 8th peak. Current view suggests that the correction is still in progress. Our analysis forecasts further downside toward the 1.2675-1.2597 area ( blue box). Read more…

GBP/USD Forecast: Pound Sterling needs to stabilize above 1.2600 to stage a rebound

GBP/USD came under heavy bearish pressure on Thursday and lost more than 1% on a daily basis for the first time since October. The pair continues to push lower on Friday and was last seen losing more than 0.5% below 1.2600.

The Bank of England maintained the bank rate at 5.25% as widely anticipated. The policy statement revealed that eight policymakers voted in favor of a hold, while one policymaker wanted to lower the policy rate by 25 basis points. The BoE refrained from offering any clues regarding the timing of the policy pivot. Read more…

GBP/USD faces sharp decline amid BoE’s monetary policy stance

As of Friday, the GBP/USD pair hovered around 1.2642, following a substantial decline. The Bank of England (BoE) has yet to find reasons to lower the interest rate, indicating intentions to maintain high rates for an extended period to support the necessary inflation level in the country. The BoE’s monetary policy remains restrictive.

In its latest meeting, the Bank of England kept the interest rate steady at 5.25% annually, unchanged from previous sessions. Read more…