Sasha Singh
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

GBPUSD : Rising Wedge Breakout, More Losses Expected

GBPUSD yesterday surged after the minutes of Federal Reserve’s March meeting showed that the rates are likely to remain on hold for some time. However today, the pair posted losses after the Bank of England left its monetary policy unchanged. The BOE said that it will maintain the benchmark interest rate at .50% and the asset purchases financed by the issuance of central bank reverse at 375 billion pound.

On the hourly chart of GBPUSD, the pair was trading within a rising wedge which gives a bearish signal. So the pair found the resistance from the resistance trend line of the wedge moving back to the support trend line. It broke the support trend line of the wedge finding support at 1.6763. If the pair breaks this support it might fall and find its next support at 1.6750 and 1.6729. If not the pair may rise to find resistance at 1.6787.