Hourly Chart (MT4 Platform)
Price got stalled around the 2-4th Nov handle between 1.6005 – 1.6040, with a break below opening up Yesterday’s Low for next level of support.
5 Min Chart (fxTrade Platform)
Similarly, 5 min chart seems to agree with shorter-term support at 1.6025 turning resistance preventing price from breaking back into the 1.6025 – 1.6040 trading range.
BOE rate announcement and Asset Purchase Target will play a big role tomorrow. There are calls for more easing as the better than expected Q3 GDP could simply be a red herring simply due to boost from hosting the Olympics. Other data continue to suggest further weakening of the UK economy, which may encourage BOE to follow BOJ and the Fed’s footstep in their latest round of easing.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.