10 Oct 2013
GBP/USD continues on in a tight range post BoE
FXstreet.com (London) - GBP/USD has dropped from 1.5960 and the high 1.5973 to 1.5940 while the BoE gave little for markets to be excited about leaving the pair in a tight range still.
Research teams at TD Securities said, “The BoE meeting this morning was the highlight UK event, although as well anticipated, no change to the policy rate or asset purchase program, and no release of a monthly statement has offered little new for markets to digest. The GBP has accordingly had little reaction and GBP/USD remains consolidative after yesterday’s slide. Without anything significant out of the UK for the rest of the week, US developments remain the focus for the pair (Fed speakers today and headlines out of Washington).”
GBPUSD Price Action
“Price action in GBP/USD this week continues to leave a bearish bias to the pair for the coming days, particularly in view of the noted head & shoulders on the short term charts. That setup targets 1.5750. For a tactical trade we prefer selling any small rallies toward 1.6000”.
Research teams at TD Securities said, “The BoE meeting this morning was the highlight UK event, although as well anticipated, no change to the policy rate or asset purchase program, and no release of a monthly statement has offered little new for markets to digest. The GBP has accordingly had little reaction and GBP/USD remains consolidative after yesterday’s slide. Without anything significant out of the UK for the rest of the week, US developments remain the focus for the pair (Fed speakers today and headlines out of Washington).”
GBPUSD Price Action
“Price action in GBP/USD this week continues to leave a bearish bias to the pair for the coming days, particularly in view of the noted head & shoulders on the short term charts. That setup targets 1.5750. For a tactical trade we prefer selling any small rallies toward 1.6000”.