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The GBP / USD pair continues to move within the downward correction

In Asia, the GBP / USD pair was trading in different directions. At the beginning of the European session, the price demonstrates an upward movement vector. Moderate growth of quotations was due to the weakening of the dollar (dollar index -0.05%).


This morning, Reuters released a statement from the Deputy Governor of the Bank of England Dave Ramsden in which he noted that in the near future the regulator is not considering the possibility of curtailing bond purchases. According to Ramsdane, in order to tighten monetary policy, it is necessary to wait for stable signals of an improvement in the situation on the labor market and a return of inflation to target indicators.


Ramsdain's statement suggests that the Bank of England, like most other world Central Banks, does not intend to make adjustments to monetary policy in the medium term.


There are no important events in the economic calendar of Great Britain today, so trading will again be held under the dominant influence of the dollar. In the US today it is expected to publish weekly statistics on the labor market, data on building permits for January and indices from the Federal Reserve Bank of Philadelphia.


A downward correction is developing on the chart from the level 1.3940. There are no clear signals of its completion yet. We are waiting for a slight pullback to 1.3900 and the resumption of downward movement with the target at 1.3765.


  • Resistance levels: 1.3900, 1.3940, 1.4000;


  • Support levels: 1.3765, 1.3660, 1.3575.


The main scenario is a rise to 1.3900 and a downward reversal.


An alternative option is a breakdown of the level of 1.3900 and an increase to 1.3940.


The current fundamental outlook is neutral. We consider shorts from levels of 1.3900 and 1.3940.

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