{"id":21833,"date":"2022-02-03T07:17:00","date_gmt":"2022-02-03T07:17:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=21833"},"modified":"2022-02-03T12:18:11","modified_gmt":"2022-02-03T12:18:11","slug":"gbpusd-technical-analysis-looking-bullish-ahead-of-boe-decision","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-looking-bullish-ahead-of-boe-decision\/","title":{"rendered":"GBPUSD Technical Analysis &#8211; Looking bullish ahead of BOE decision"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"21833\" class=\"elementor elementor-21833\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f28743f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f28743f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1cb7384\" data-id=\"1cb7384\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-07f707d elementor-widget elementor-widget-text-editor\" data-id=\"07f707d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The British pound currency has started to rally above 1.3500 level ahead of the Bank of England policy meeting, due to a big drop in the <a href=\"https:\/\/bit.ly\/3IMUkUF\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a> towards the 96.00 support zone this week.<\/p><p>A quick glance at the sterling daily chart shows that the <a href=\"http:\/\/bit.ly\/2Zn4HaM\" target=\"_blank\" rel=\"noopener\">GBPUSD<\/a> pair has been making bearish lower highs since July last year, meaning that traders have been selling rallies on rebounds.<\/p><p>The nearest most important high is around the 1.3750 level. Watch out for that dynamic to remain in place if we see a move above the 1.3600 today, as traders sell close to former highs.<\/p><p>However, we do need to consider that the fundamentals are driving the technical, and what the BOE say today is going to have a massive effect on the price action of the GBPUSD pair.<\/p><p>Scotia Bank have noted that they \u201csee a 25bps hike but some pushback against market pricing\u201d, which would create GBP downside risks in my opinion. Moreover, the market pricing for the BoE has held steady at a 95-100% chance of a hike tomorrow and a total of five 25bps hikes by end-2023.<\/p><p>The bank \u201cthink it\u2019s more likely that the bank delivers only 100bps in rate increases this year, which should eventually act as a headwind for the GBP as markets reprice expectations\u201d.<\/p><p>In terms of price forecasts Scotia see the 1.36 mark as a near-term ceiling for the GBP, noting \u201cit would take a clear sign from the BoE that it is willing to go above its neutral rate for the pound to test 1.38\u201d.<\/p><p>I still have a feeling that the GBPUSD pair is about to go lower before it goes higher again, especially since the charts clearly so sterling making bearish lower highs and lower lows on the charts.<\/p><p>Looking at sentiment data and how traders feel about sterling, the ActivTrader Market Sentiment tool shows that traders are currently 67 percent bearish towards sterling. This is not a great sign.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c5e3124 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c5e3124\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-790d8bc\" data-id=\"790d8bc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-376b8d1 elementor-widget elementor-widget-image\" data-id=\"376b8d1\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2Zn4HaM\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"450\" height=\"164\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/02\/gbpusd-chart.jpg\" class=\"attachment-large size-large wp-image-21839\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4653860 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4653860\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5fb409c\" data-id=\"5fb409c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75447ad elementor-widget elementor-widget-text-editor\" data-id=\"75447ad\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>GBPUSD Short-term Technical Analysis<\/strong><\/p><p>Looking at the four-hour time frame, technical analysis clearly shows that that GBPUSD is undergoing a correction from the recent fall from the 1.3750 to 1.3350 swing, with the 0.618 Fib acting as strong resistance.<\/p><p>It makes sense that we see a swing from the 0.618 fib, as often happens in clear trend. A fall back under 1.3500 should accelerate the downside risks, while upside risks are increased above 1.3600.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fce2153 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fce2153\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c4da022\" data-id=\"c4da022\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ca236be elementor-widget elementor-widget-image\" data-id=\"ca236be\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2Zn4HaM\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"520\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/02\/gbpusd-4h.jpg\" class=\"attachment-large size-large wp-image-21840\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-795d9117 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"795d9117\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-188d037d\" data-id=\"188d037d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-449fda2e elementor-widget elementor-widget-text-editor\" data-id=\"449fda2e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/2Zn4HaM\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8225fc4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8225fc4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2865641\" data-id=\"2865641\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-581afbe elementor-widget elementor-widget-text-editor\" data-id=\"581afbe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>GBPUSD Medium-term Technical Analysis<\/strong><\/p><p>According to the daily time frame, the GBPUSD pair has formed a huge falling wedges pattern that has yet to play out in either direction, meaning consolidation between 1.3700 and 1.3100. T<\/p><p>The GBPUSD pair is likely to gravitate inside the key trendline as mentioned. Watch out for a defining moment around the 1.3700 area if the 1.3600 level cracks.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-683a8e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"683a8e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-503d5e1\" data-id=\"503d5e1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-85ffe77 elementor-widget elementor-widget-image\" data-id=\"85ffe77\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2Zn4HaM\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"518\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/02\/gbpusd-1d.jpg\" class=\"attachment-large size-large wp-image-21842\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-44b51536 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"44b51536\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4477a0a\" data-id=\"4477a0a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1668b24 elementor-widget elementor-widget-text-editor\" data-id=\"1668b24\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/2Zn4HaM\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The British pound currency has started to rally above 1.3500 level ahead of the Bank of England policy meeting, due to a big drop in the US dollar index towards the 96.00 support zone this week. A quick glance at the sterling daily chart shows that the GBPUSD pair has been making bearish lower highs [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":21837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[56,20,40],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GBPUSD Technical Analysis - Looking bullish ahead of BOE decision - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-looking-bullish-ahead-of-boe-decision\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBPUSD Technical Analysis - Looking bullish ahead of BOE decision GBPUSD Technical Analysis - Looking bullish ahead of BOE decision\" \/>\n<meta property=\"og:description\" content=\"The British pound currency has started to rally above 1.3500 level ahead of the Bank of England policy meeting, due to a big drop in the US dollar index towards the 96.00 support zone this week.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-looking-bullish-ahead-of-boe-decision\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-03T07:17:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-03T12:18:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/02\/gettyimages-824633694.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"464\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"GBPUSD Technical Analysis - Looking bullish ahead of BOE decision GBPUSD Technical Analysis - Looking bullish ahead of BOE decision\" \/>\n<meta name=\"twitter:description\" content=\"The British pound currency has started to rally above 1.3500 level ahead of the Bank of England policy meeting, due to a big drop in the US dollar index towards the 96.00 support zone this week.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-looking-bullish-ahead-of-boe-decision\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-looking-bullish-ahead-of-boe-decision\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"GBPUSD Technical Analysis &#8211; 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