GBP/USD Retraces to the 20 SMA Again
GBP/USD has retraced back down to the 20 SMA on the H1 chart today
Skerdian Meta•Wednesday, November 18, 2020•1 min read
The GBP/USD has been quite bullish this month, having come back up from 1.29. Moving averages were doing a good job of support on the H1 chart previously, and after the pullback lower to 1.31 last week, they turned into support once again. The 20 SMA did a good job yesterday, and it is holding again today, so there’s an opportunity to go long here, specially after Haldane’s comments.
Comments by BOE chief economist, Andy Haldane
- UK economy surpassed expectations in Q3
- Economic prospects for Q4 are very uncertain
- Economic activity very likely to be below levels at the start of the year
- Economic prospects next year are perhaps materially brighter than a few weeks ago
- The potential macro-economic benefits of easing the zero lower bound constraint appears to be significant
- However, the costs require thorough exploration
- Full speech
He provided a caveat by saying that whatever he might have said about easing the zero lower bound i.e. negative rates, was just part of a discussion and it bears no implications for short-term policy decision-making. But at least it’s good to know where he stands.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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