Cable is still under pressure but key today is Bank of England QE decision. Market is expecting more QE ( Currently stand at 200B). More QE will weaken Pound. Still don’t think BOE will be first to step in. So let’s see bounce over 1.59-1.5940 area or break lower. Key levels on the upside in chart also down trend still not broken as 1.6140-70 is key pivotal area on the upside.
Your comments too are welcome and you can always reach me on twitter @fx_13.
(Please click on the forex chart thumbnail to enlarge)
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