As widely expected, BoE still kept rate unchanged and the BoE meeting did not help the Pound much. GBPUSD continue to decline in early Asian trading session and break 1.6810 to move lower. The bearish momentum is very strong now. We expect GBPUSD will continue to move toward 1.6700.
The UK Trade balance is on schedule to be released in early European session today but we dont think it can change the trend of the Cable.
Forex Trading Signal:
We will watch for sell signals around 1.6820 – 1.6835 today with target 1.6700-1.6730
+1.7040 – 1.7065
+1.6700 – 1.67300