GBP/USD re-enters negative territory after the BOE statements

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  • The Bank of England follows developments in the financial markets.
  • The pound remains under pressure and continues to look for support.
  • GBP/USD is back below 1.0700 and heading for a close low.

The pair GBP/USD it is at the lowest level since the European session after the Bank of England statement and also in the midst of risk aversion. Cable has re-entered negative territory and is trading around 1.0660, down nearly 200 points from Friday’s close.

In Asian time, the pound suffered a historic drop to 1.0315, an all-time low, and then rebounded 600 points. The recovery lost momentum and GBP/USD is under pressure again.

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The sharp depreciation of the pound weighed on global market sentiment on Monday and also prompted a statement from the Bank of England. The central bank said it is closely monitoring developments in financial markets and welcomed the government’s commitment to sustainable economic growth. The comments did not help the pound, which lost momentum afterwards.

Equity markets also turned lower in recent hours, also affecting the pound, which has become more sensitive to risk aversion. On Wall Street, the Dow Jones falls 1.05% and the Nasdaq 0.43%.

Technical levels

GBP/USD

Overview
last price today 1,068
Today I change daily -0.0180
daily change today -1.66
Daily opening today 1,086
Trends
daily SMA20 1.1475
daily SMA50 1.1808
daily SMA100 1.2045
daily SMA200 1.2654
levels
Previous daily high 1.1274
Previous Daily Low 1,084
Previous Weekly High 1.1461
Previous Weekly Low 1,084
Previous Monthly High 1.2294
Previous Monthly Low 1.1599
Daily Fibonacci of 38.2%. 1.1006
Fibonacci 61.8% daily 1.1108
Daily Pivot Point S1 1.0708
Daily Pivot Point S2 1.0557
Daily Pivot Point S3 1.0274
Daily Pivot Point R1 1.1143
Daily Pivot Point R2 1.1426
Daily Pivot Point R3 1.1577

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Source: Fx Street

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