The Euro erased its earlier losses against the British pound. Both the Bank of England and the European Central Bank left their key interest rate unchanged at 0.5% and 1.0% respectively. The BoE boosted the size of its asset-purchase program by 50 billion pounds.
As per market expectation, BoE keep interest rate unchanged. And injected 50 billion pounds into the market.
GBP fall and therefore EUR/GBP rise.
GBP/USD
Last done 1.5808.
Next Support 1.5700.
Resistance 1.5890.
Market pattern: sideway between 1.5890 - 1.5730
If GBP/USD fall below 1.5800 and this support turned into resistance, there is a possibility that GBP/USD continue to face downward pressure towards 1.5700-730 and then 1.5600.
Short or Long
Short at 1.5850, SL 1.5890, TG 1.5730.
Long at 1.5700-730, SL 30 pips, TG 1.5830.
Read: Bank of England Boosts Its Stimulus
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