BOE Pill: We are more confident we can start to reduce policy restriction…

BOE Pill is now speaking and says:

• We are more confident we can start to reduce policy restriction, but we are not there yet.
• Need more data before moving toward lower rates.

The GBPUSD moved higher helped by the USDs decline today (outweighed the BOE rate decision and tile toward more cuts).

Technically, the price I reached 1.25217 which was just short of the converged 100 and 200-hour moving averages near 1.2525. The 38.2% retracement of the move down from the March I also comes in at that level increasing its importance. Close enough to the target?

The price is currently trading at 1.2511 after the seller lean.

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