Valeria
Bednarik, chief analyst at FXStreet noted and explained that the
British Pound plunged after the BOE's monthly economic meeting, against the
greenback, as the Central Bank offered a doom inflation outlook.
Key Quotes:
"Having left rates and the APP
unchanged, the BOE downgraded its inflation and growth forecast, anticipating
inflation may get closer to the 2.0% target by 2017."
"The GBP/USD pair
trades near its daily low of 1.5258, and with the 1 hour chart showing that the
price is well below a bearish 20 SMA, whilst the technical indicators continue
heading south, despite being in oversold levels."
"In the 4 hours chart,
the technical indicators head sharply lower in oversold territory, whilst the
price develops below a bearish 20 SMA. Additionally, the price is breaking below
a daily ascendant trend line coming from October 1t low at 1.5156, all of which
supports a bearish continuation."
