GBP/USD plummets to mid-1.2800s, 2-1/2 week lows post-BoE


   •  The BoE MPC had a unanimous vote to maintain status-quo.
   •  Economic growth forecasts for 2019/20 revised downward.
   •  The BoE sees CPI falling below 2% target in the coming months.
The bearish pressure surrounding the British Pound remained unabated, with the GBP/USD pair falling to 2-1/2 week lows, around mid-1.2800s post-BoE announcement. As was widely expected, the BoE MPC voted unanimously to leave benchmark interest rates unchanged at 0.75% and asset purchase target at £435 billion. The disappointment, however, came from a downward revision of the central bank’s economic growth forecast for 2019 and 2020  On growth forecast downgrades, the BoE said that Brexit damage has increased and further added that the headline CPI could temporarily fall below 2% target in coming months, which dented the already weaker sentiment surrounding the Sterling and prompted some aggressive selling. The downward momentum now seems to have paused, at least for the time being, as market participants now look forward to the post-meeting press conference, where comments by the BoE Governor Mark Carney might infuse a fresh bout of volatility across the GBP pairs. Technical levels to watch


    Today Last Price: 1.2891
    Today Daily change %: -0.35%
    Today Daily Open: 1.2936
    Daily SMA20: 1.2987
    Daily SMA50: 1.2805
    Daily SMA100: 1.2895
    Daily SMA200: 1.303
    Previous Daily High: 1.298
    Previous Daily Low: 1.2925
    Previous Weekly High: 1.3212
    Previous Weekly Low: 1.3043
    Previous Monthly High: 1.3214
    Previous Monthly Low: 1.2438
    Daily Fibonacci 38.2%: 1.2946
    Daily Fibonacci 61.8%: 1.2959
    Daily Pivot Point S1: 1.2914
    Daily Pivot Point S2: 1.2892
    Daily Pivot Point S3: 1.286
    Daily Pivot Point R1: 1.2969
    Daily Pivot Point R2: 1.3002
    Daily Pivot Point R3: 1.3024


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