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GBPUSD Forecast: British Pound Battles "Moving Average Cluster" After Hawkish BoE Cut
Key Takeaways (30s Read)
The British Pound faces resistance at critical moving averages following a hawkish BoE cut, impacting its momentum.
The GBPUSD pair has become a technical battleground as the trading week nears its end. With a divided Bank of England (BoE) and soft US inflation data, the price currently rests on key technical support levels. Following a close 5-4 vote for a hawkish cut from the BoE, the British Pound initially strengthened, indicating a slower path to future rate cuts. The recent soft US CPI print triggered significant volatility, sending the pair to 1.3446 before a major retracement. The price is now testing a cluster of moving averages between 1.3348 and 1.3380, a critical pivot for the upcoming close. Maintaining above 1.33804 (100-hour MA) suggests continuation of bullish momentum, while a break below 1.33488 (200-day MA) would shift the sentiment to bearish.
AI Analyst
AI Opinion
"The movement of GBPUSD is currently influenced by the divided stance of the BoE and the cooling US inflation data, leading to a critical testing zone of technical support. This zone, where multiple moving averages overlap, presents crucial signals for market participants. The heightened volatility and testing of support and resistance levels can provide essential insights for traders. Investors must monitor the evolving scenario as the week closes, assessing how the BoE's policies may impact future moves. As such, GBPUSD demands careful attention, especially as it remains sensitive to short-term fluctuations and economic indicators, underscoring the need for stringent risk management."
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