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GBPUSD Rebounds on BoE Meeting

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The British pound sterling reversed losses in one single session, intraday. Price action posted strong gains following the BoE coming out slightly hawkish than expected on negative rates.

As a result, the GBPUSD was back near the ascending wedge breakout level of 1.3678.

While this coincides with the Stochastics oscillator recovering from just off the oversold conditions, prices are struggling to breakout higher.

Therefore, if the GBPUSD fails to move above 1.3678 then we could expect prices to continue to drift lower.

But with the recent swing low forming near 1.3585, we could expect this level to hold in the near term.

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