Yesterday Bank Of England was very dovish and it fulfilled all market’s needs. BoE cut interest rates for the first time since 2009 and it increased QE program by another 20%. Despite of GBPUSD short term decline in mid-term there isn’t any breakthrough. For 3 weeks the currency pair has been moving in the narrow consolidation between 1.3080 – 1.3370. On Thursday GBPUSD fell 230 pips after BoE decision. However, the price stopped above 1.3080 level.
In a long term there is every indication that the downtrend will be continued and the bulls helplessness (that we are observing for 3 weeks) only confirm that.
