GBP/USD Will Decline Lower Ahead of BOE Meeting? - Kakiforex.com - Financial Market Media No. 1 in the World GBP/USD Will Decline Lower Ahead of BOE Meeting? GBP/USD Will Decline Lower Ahead of BOE Meeting?
InstaForex

March 15, 2021

GBP/USD Will Decline Lower Ahead of BOE Meeting?

 The price movement on the chart of the GBP/USD currency pair still failed to break the $ 1,400 level as the gains displayed by the Pound Sterling remained under pressure by the US dollar.


Last week the depreciation of the US dollar has given room for the price to make a rise and after testing the resistance level of 1.4000, the price plunged back on Friday following the strengthening by the US dollar supported by the increase in US 10-year treasury yields.


Investors will also be wary of Pound Sterling trading this week ahead of the outcome of the England central bank (BOE) meeting on Thursday.


Asian session trading on Monday saw prices have fallen lower in connection with the European session after prices failed to make gains past the Moving Average 50 (MA50) barrier level in the 1 -hour time frame of price movement.


The decline headed back to the RBS zone (resistance become support) at 1.38600-1.38300 which was last week's support level.



The lower decline is expected to lead to the level of 1.37000 for the price to test the important support zone.


On the other hand, if the US dollar declines again and there are factors that support the Pound's trade to soar, the price will return to test the resistance level of 1.4000.


A higher rise will then test the previous resistance levels at 1.41000 and also 1.42000.