Products You May Like
BOE’s Bailey is speaking but his comments are not focused on economy or monetary policy.
Meanwhile the
GBPUSD is trading near highs for the day and in the process has now taken out the February high price of 1.3627. Looking at the daily chart, the next target area comes between 1.3662 and 1.36787 (some past swing levels -see green numbered circles).
Above that is the falling 200 day moving average and 50% midpoint of the range since the June 2021 high. Both those levels come near 1.3704 (call it 1.3700). THAT level would be a key level (if approached).
Close risk on the daily chart comes now above and below the 1.3600 level(the low of a swing area and red numbered circles). Stay above that level and the buyers are still holding onto control on the daily chart. Move below and things start to deteriorate.
Drilling to the hourly chart below, The 61.8% of the move down from the 2022 high comes in at 1.35987 (call it 1.3600). That dovetails the support from the daily chart as well and represent a risk level for the buyers going forward.
On the topside, the swing highs from January 18 and January 20 cuts across at 1.3662 followed by the swing high from January 17 at 1.3688 the next upside targets.
Maybe there will be some further comments from Bailey. I will be monitoring that, but for the time being the GBPUSD is looking good on the break to new February highs.