piponomics
Long

Technical Analysis Idea GBP/USD - 04/02/2016

FX:GBPUSD   British Pound/U.S. Dollar
The British Pound retains a strong upward tone after of the BOE's economic policy statement, trading a handful of pips above the fresh 4-week high posted last Wednesday, and pressuring the 50% retracement of the latest daily decline between 1.5239 and 1.4078.

Carney says the Bank of England expects real incomes in the UK to grow solidly this year, after several lean years.

And business investment should also continue to grow strongly.

Retracements are now seen as buying opportunities, with short term supports at 1.4605 and 1.4560 ahead of the critical one at 1.4530. This last should keep the downside contained in order to maintain the bullish potential.


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