The GBPUSD also indecisive yesterday. The BoE decided to increase the quantitative easing program by £25bn to £200bn. Although the QE program was expanded, the Sterling edges higher as market expected a £50bn expansion.
On h4 chart below, we can see that the price still able to stay above my triangle indicating potential bullish continuation targeting at least 1.6700 area before re-testing 1.7042. Immediate support at 1.6520 followed by 1.6464 (yesterday’s low) and the upper line of the triangle. A movement back inside the triangle should be seen as potential threat to my technical bullish outlook. CCI just cross the 100 line on h4 chart so watch out for potential downside pressure. Eyes on US NFP and unemployment rate today.
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Technical Analysis GBPUSD Outlook
Linear Mode
