BOE vote weakened GBP currency pairs overnight

Written December 19, 2007 at 8:29 AM EST by  

The BOE unanimous vote to cut rates, along with their dovish stance, led to the decline of the GBPUSD back below the 200 day MA (at 2.0150 today).   If it closes below this level today, it will be the first time since April of 2006. 

In addition to the breaking of the key long term MA, the pair also traded through the trendline connecting the lows from November 16th, December 6th and December 17th.  That level comes in at around 2.0079.  This level will be watched as a resistance level today. 

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