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March 17, 2021

GBP/USD Declines Lower Ahead of BOE Meeting

 The price movement on the chart of the GBP/USD currency pair has shown a decline up to the level of 1.38100 in the New York session yesterday following the pressure on the Pound.

The governor of the central bank of England (BOE) Andrew Bailey stated that the central bank was ready to increase government bond purchases and gave a cautious signal of the UK’s economic recovery.

This also hints at a policy easing for the BOE policy meeting on Thursday which will affect the movement of the Pound in the market.

After the price fell to the RBS (resistance become support) zone yesterday, the price was seen to make a rise again and close the trade around 1.38900 with the rise blocked by the Moving Average 50 (MA50) barrier level in the 1 hour time frame of the price movement.

Continuing the Asian market session this morning, the price moved slowly around the MA50 barrier and is likely to be pressed lower again.

The RBS 1.38300 zone will return to focus on the expected decline today before the results of the BOE meeting will provide a clearer direction of price movement.

If the price manages to strengthen possibly the US dollar depreciation factor, the 1.4000 resistance zone is still the main focus level of the price.

The resistance level is still invulnerable after being tested for 2 consecutive weeks.