GBPUSD bounces after the BOE rate cut news runs its course ...Middle East

The recovery gained traction, with the pair climbing towards the 100-hour moving average at 1.24269 and the 200-hour moving average at 1.24356, which now serve as key resistance levels. These technical levels are critical short-term barometers, and sellers are expected to lean against them, using stops above in case of a breakout. For the GBPUSD to sustain further upside momentum, a decisive move above these moving averages would be required.

BOE Bailey is expected to give a TV interview shortly.

The market now sees a May cut and a total of 64 basis points of cuts between now and the end of the year. That is up from about 58 basis points before the rate decision.

This article was written by Greg Michalowski at www.forexlive.com.

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