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GBP/USD Continuation, EUR/GBP ST Triangle in Play after BoE Inflation Report

GBP/USD Continuation, EUR/GBP ST Triangle in Play after BoE Inflation Report

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- BoE cuts GDP, CPI forecasts for 2014, 2015.

- GBP-crosses fail to break higher - now looking for confirmed lows.

- Hints of Future Easing Keep Euro Pinned Lower, for Now

The Bank of England is rolling back its economic forecasts for 2014 and 2015, enhancing its recent pivot to less hawkish rhetoric. The cuts to both the growth and inflation forecasts comes after several weeks of disappointing economic data, culminating in UK inflation sitting at a five-year low.

See the above video for technical considerations in EURGBP, GBPAUD, GBPJPY, and GBPUSD.

Read more: JPY-Crosses Following 5-EMAs; AUD/USD Below Support, NZD/USD Not Yet

--- Written by Christopher Vecchio, Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.