The British pound was partly affected by the Minutes of the Bank of England. The BOE kept its so-called quantitative easing program of bond purchases unchanged at 375 billion pounds on April 4. The minutes will show whether Governor Mervyn King voted to expand asset purchases. This pair was very overbought as noted in yesterday's analysis. It had broken the moving average of the MACD. This fall is just the beginning of a bearish sequence which will push down the pair to support 1.5045. So we can sell the current price levels or if the pair makes a pullback to 1.5349 weekly pivot, you can sell while waiting for a fall to the level of 1.50. The Momentum Indicator is in bearish zone which increases the chances of a fall for the next few days.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
