- SWFX market sentiment is 69% bullish
- 52% of pending orders in the 100-pip range are to SELL
- Visual Jforex review at 12:00 GMT
The GBP/USD currency pair reaches two weeks low level.
The Bank of England published the information how they voted about the decision to change the rate from 0.50% to 0.75%. MPC Official Bank Rate Votes came more in favour of a hike than expected, in other words, nine votes in favor of a hike compared with seven votes forecasted by the market.
The Bank of England in minutes from the meeting says : "A 0.25 percentage-point increase in bank rate was warranted at this meeting to return inflation sustainably to the target,"
Visual Jforex review at 12:00 GMT
On Monday, Dukascopy research team are planning to host one webinar. Namely, Visual Jforex trading review scheduled at 12:00 GMT on bank live webinar platform.
GBP/USD guided by the 55-hour SMA
It is apparent on the chart that bears who were guiding GBP/USD on Thursday have lost some of their positions, thus leaving the rate rather stable during the last week's final trading session. A fresh channel down was drawn to show the rate's movement during the previous week. Its bottom boundary was tested on Friday.Technical indicators on the hourly time-frame are starting to recover even though the price has not still picked up this trend. In general, it seems that the Pound may still be pushed lower in this session, pressured from above by the 55-hour SMA and the weekly PP. The nearest resistance that should stop significant losses is the weekly and monthly S1s at 1.2930.
This day is likely to be calm with no significant volatility, as no major data releases are scheduled for today.
Hourly Chart
When taking a look at the daily time frame of the GBP/USD pair, it was discovered that exchange rate has been moving lower since May when the channel was formed. There were no changes to the overall position for this currency pair.
However, the Japanese candlestick opens below the weekly pivot point at 1.3130 today; this could suggest that the overall position on the one-hour time frame might change within this session.
Daily chart
SWFX traders are also bullish today on the GBP/USD pair, as 69% of open positions were LONG during the morning hours. However, traders set up orders are bearish during the morning hours, as 52% of trader set up orders are to SELL the exchange rate.
Meanwhile, the market sentiments of OANDA traders are bullish on the GBP/USD pair as 72% of open positions are LONG. In addition, Saxo bank traders are 65% bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility