$GBPUSD managed to climb above its 200 SMA line before Rate decision.
It is still below 1.55-1.56 (the bottom of a weekly trading range) and below the Fast and 50 SMA lines.
Although I do think $GBPUSD is due to rally, I think it may still has one more bearish wave in it.
The short term potential upside is to reach 1.55- 1.56 and re-test the weekly structure (now resistance).
That's relevant if GBPUSD0.66% will stay above the 200 SMA line.
If it will decline below it, than it will continua lower towards the 1.5 structure zone.
All that is assuming that they won't raise rate today. If they will, than, GBPUSD0.66% could rally above 1.56 and 1.58 to meet the top of the weekly range near 1.6
It is still below 1.55-1.56 (the bottom of a weekly trading range) and below the Fast and 50 SMA lines.
Although I do think $GBPUSD is due to rally, I think it may still has one more bearish wave in it.
The short term potential upside is to reach 1.55- 1.56 and re-test the weekly structure (now resistance).
That's relevant if GBPUSD0.66% will stay above the 200 SMA line.
If it will decline below it, than it will continua lower towards the 1.5 structure zone.
All that is assuming that they won't raise rate today. If they will, than, GBPUSD0.66% could rally above 1.56 and 1.58 to meet the top of the weekly range near 1.6
