Thursday 9th April sees the Bank of England Monetary Policy Committee Meeting and Announcement (at 12:00 BST, GMT+1). Although no change is the very likely outcome, we still see the technical risk to GBP/USD to the downside.
Cable (GBP/USD) downside technical risks
A rebound and another failure and setback, again capped by resistance at 1.4982/95 ahead of 1.5013.
This maintains a negative tone into mid-April and the focus on support.
For Today:
- We see a downside bias for 1.4807/1.4800; break here aims for 1.4777 and 1.4740, maybe 1.4689
- But above 1.4927, which we would look to try to cap, opens risk up to 1.4982/95, maybe 1.5013, where we see very strong resistance.
Short/ Intermediate-term Outlook - Downside Risks:
- Downside threat back to the rebound range and for the new low at 1.4634.
- We see a more negative tone with the bearish threat to target 1.4500.
- A break aims for key longer term supports at 1.4295/28.
2 Hour GBP/USD Chart
