GBP/USD Price Analysis: Pound bouncing off 35-year’s lows, trades near 1.1800 figure

 

 

 

This Thursday, the Bank of England (BOE) cut interest rates and added 200 billion in Quantitative Easing (QE). GBP/USD is currently rebounding from the 1985 lows. 

 

 

GBP/USD is correcting higher while trading well below its main SMAs, suggesting an overall bearish bias. The 1.1700, 1.1800 and 1.1900 figures are acting as resistance as the current rebound could be classified as a dead-cat-bounce, which implies that the market could remain vulnerable to the downside. Bears would need to regain the 1.1700 level on a daily closing basis.