GBP/USD Spikes on BOE Rate Decision

March 16, 2017 13:51

The Bank of England decided that it would keep key rates unchanged at 0.25 % and to keep the QE unchanged. Additionally the BOE raised Q1 GDP forecast to 0.6% vs 0.5% in February. A member of BOE voted for the rate hike making overall this decision bullish for the GBP.

Technically the GBP/USD is close to strong intraday resistance 1.2360-85, the ATR has already been overshot and it could start rejecting now. But if it doesn't reject from H4 (purple highlight) the move above 1.2385 would target 1.2400 and 1.2450. Targets for rejection are 1.2330,1.2300 and 1.2265. New buyers could appear at POC zone (L3, EMA89, historical buyers, order block, ATR low) 1.2235-60 and at POC2 1.2170-90 (L4, historical buyers)

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