12.03.2020
The pair is under pressure below 1.2800 amid yesterday's Bank of England’s unexpected key interest rate cut by 0.50% to 0.25%. The pair will continue its local decline.
The price is below the middle line of the Bollinger indicator, below SMA 5 and SMA 14. RSI is above the 50% level and indicates a continued decline. Stoch are in the oversold zone.
Trading recommendations:
Sell the pair as long as it remains below the level of 1.2800 or as it rebonuds upwards if it passes it again with the local target level of 1.2720.
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