Pound Falls against Dollar, Euro as Bank of England Will Buy More Assets The pound fell for the first time in seven days against the dollar after the Bank of England said it will spend an additional 50 billion pounds of newly printed money to spur economic growth.
The dollar headed for a third weekly decline versus the euro, its longest run of losses this year, as a U.S. report may show employers cut jobs at a slower pace, sapping demand for the greenback as a refuge from the slump.
Trading Tactics
Buy GBP/USD on signs of a double bottom.
The buying point is at 1.5036; Pivot point is the take profit at 1.5165;
Fibonacci 61.8% is the stop loss at 1.4970
The selling point is at 1.4940; previous support is the take profit at 1.4835;
Fibonacci 50% is the stop loss at 1.5017
Technical: Sterling breaks previous resistance and continues its uptrend after a reversal pattern double bottom. A move back higher could set up a test of 1.5165
The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text.
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