16.09.201610:11 Forex Analysis & Reviews: Global macro overview for 16/09/2016

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Global macro overview for 16/09/2016:

The Bank of England did not surprise market participants and left the interest rates unchanged at the level of 0.25%, together with asset purchase facility at the level of 435B Pounds. Moreover, the policy makers voted 9-0 to leave the BoE bond buying program target level at 435B Pounds and commit to its new plan to buy up to 10B Pounds of high-grade corporate bonds. In conclusion, the quantitative easing has been slightly expanded, which might be caused by the Brexit pressure to maintain the current economic growth (BoE increased the Q3 GDP growth forecast to 0.3% from the previous projection of 0.1% made in August).

Let's now take a look at the GBP/USD technical picture in 4H time frame after the news release. There is still no sign of any bullish pressure as the price is still trading in a fresh downward channel. The golden trend line had been tested and looks like it was rejected, so now the bias is to the downside. To confirm the bearish view the price must clearly violate the next support at the level of 1.3159 - 1.3137.

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