The British pound has come under heavy selling pressure against the US Dollar after the Bank of England raised interest rates. What is next? The following 3 August GBPUSD Technical Analysis reveals.
3 August, OctaFX – The British pound tumbled towards the 1.3000 level against the US dollar this week, despite the Bank of England raising interest rates 0.25 percent as widely expected.
The MPC voted unanimously to hike interest rates 9-0, bringing the United Kingdom’s rate of interest to 0.75 percent. The Bank of England delivered dovish forward guidance to market participants, noting that any future rate hikes from the central bank would be gradual and limited.
Bank of England Governor Mark Carney reiterated during his press conference that the United Kingdom may face adverse effects from a hard-Brexit deal with the European Union.
3 August GBPUSD Technical Analysis
- The GBPUSD pair is bearish while trading below the 1.3100 level, further losses towards the 1.2950 and 1.2880 levels seem possible.
- If the GBPUSD pair trades above the 1.3100 level, further upside towards the 1.3150 and 1.3240 resistance levels remains possible.
This article 3 August GBPUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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