GBPUSD attempts to rebound The British pound stalled after the BOE failed to secure a unanimous vote for higher rates. A bullish RSI divergence suggests exhaustion in the sell-off, and combined with the indicator’s oversold condition on the daily chart, may attract buying interest. A tentative break above 1.3190 led some sellers to take profit. […]

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BoE flags possible review of guidance with next set of forecasts. The BoE did the expected and hiked the Bank Rate by another 25 bps to 0.75% while repeating that further modest tightening is likely to be necessary in the coming months. At the same time though, the discussion flagged the double-edged sword of sharply […]

The GBPUSD currency pair is moving within a correction trend. This takes the form of a double w-x-y zigzag of the cycle degree. The current chart shows the end of the actionary wave w and the bullish intervening wave x. This was in the form of a primary double zigzag. It is likely that wave […]

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Despite two back-to-back interest rate hikes by the BOE, the pound has been showing some weakness recently. That might be the product of current events having more influence than the longer-term trend. Could another rate hike at tomorrow’s meeting mean that the GBPUSD will stage a rebound? What’s been going on? The pound was gaining […]

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USDJPY rises as BOJ stays dovish The Japanese yen softens as global uncertainty takes a toll on its economy. Japan’s high dependency on energy and raw material imports means that surging prices could hurt the economy. The combination of war and sanctions around Ukraine, and supply chain shocks raise the risk of a global economic […]

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EURUSD bounces back The euro rallies on news that the EU may issue a joint bond to fund energy and defense. The pair found bids near May 2020’s lows (1.0810). An oversold RSI on the daily chart prompted sellers to take profit, easing the downward pressure. A rally above the immediate resistance at 1.0940 and […]

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