GBP strengthened against the dollar after the BoE minutes showed two votes against easing policy this month. However gains were short-lived as the news did not change expectations of another rate cut in June by the BoE. Furthermore BoE policymakers commented on the weakness of the pound and its undesirable impact on oil and commodity prices adding to the inflationary pressures being felt by the British economy and highlighted reservations about easing interest rates too quickly
Tech outlook
Pound chart pattern indicates the currency to have downside correction for the day. currency lends its support at 1.9720 and holds resistance at 1.9840 levels. the trading range is expected between 1.9730-1.9830 levels. MACD crossover indicates currency to be on bear note .stochastic remain in neutral territory. Band indicates the trading pattern to remain in tight .
Pound chart pattern indicates the currency to have downside correction for the day. currency lends its support at 1.9720 and holds resistance at 1.9840 levels. the trading range is expected between 1.9730-1.9830 levels. MACD crossover indicates currency to be on bear note .stochastic remain in neutral territory. Band indicates the trading pattern to remain in tight .
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