The GBP/USD exchange rate is now hovering around the 1.3560 mark as volatility seems to be slowing down in anticipation of the latest BoE Inflation Report and Interest Rate Decision. Bank of England is expected to hold the rate unchanged which could deliver another blow to the Sterling and send it below the short term support of 1.3500 - 1.3460.
Leaving the rate unchanged at 0.50% will mean that people have no stimuli to hold their worth into the currency and would be better off looking for value somewhere else.
The decision will be made public in less that 5 hours and will most likely hint the long term direction of the UK currency.
Chart: GBP/USD H4
Good point, I'll keep an eye on it.
ReplyDeleteIn agreement with your post.
ReplyDeleteThe move to the downside continues.
ReplyDeleteLet's see how it will develop.
ReplyDeleteYet remains within last May's range.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteGood posts, very helpful for all traders.
ReplyDeleteVery good post.
ReplyDeleteThe pair consolidating the lowest.
ReplyDelete