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GBP/USD Closes Below 200 DMA Ahead of BoE Decision

09/19/2023

Less than a minute

2023.09.19 03:11

Blake Morrow

The closed below the 200 DMA once again. Not only did the pair close below this level today, but it closed the week last week below the 200 DMA as well.

The Bank of England is on Thursday, and even though the market is expecting the BOE to raise rates by 25bps and to increase quantitative tightening.

However, the BOE may have some dovish comments that could allow for further weakness in the GBP. A move below the 1.2300 level would target the 1.2078 127% extension next.

GBP/USD Daily Chart