GBP/USD Slides as BoE Vote Split Boosts Easing Expectations and Dollar Strength Returns

Ever since the Bank of England's interest rate decision was released, we have seen a significant fall in GBP-USD. Even though the interest rate was not changed, the vote to reduce the rate increased by 2, which actually caused this fall in GBP-USD. And recently, after going to almost 95 area, the dollar index has been rising as global geopolitical tensions are abating.

GBP/USD Daily Chart

So, GBP-USD is clearly now in a downtrend on this daily time frame. It is trading below the MACD predicted indicator. RSI at this time is slightly above 50, which is going below 50 anytime soon, as the price will continue to the downside.

It was already below 50 yesterday before this minor upward retracement, which took place in the Asian session. So, in the London session, as we see the price further going down, we will take sell position. We are going to show you a price level on half hour time frame below which we are taking sell position.

GBP/USD Half Hour Chart

If we get the opportunity to take this position, the minimum target will be slightly below today's low. At the same time, if we talk about taking loss in case it continues to the upside, we will quickly exit the position with a minor loss if it breaks above today's high made so far.