Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.13349 with take profit at 1.13828
Bearish Preference:
Sell position is envisaged if price trades below 1.12237 with take profit at 1.11516
Fundamentals:
1:00pm GBP- BOE Monetary Policy Report
GBP- MPC Official Bank Rate Votes
GBP- Monetary Policy Summary
GBP- Official Bank Rate
1:30PM GBP- BOE Gov. Bailey Speaks
USD- Unemployment Claims
3:00pm USD- ISM Services PMI
Comment:
The Federal Reserve’s hawkish statement drives the dollar higher and brings the rally in U.S. and global stocks to a shuddering halt. The Bank of England is up next, under pressure to match the Fed step-for-step or risk a further erosion of the U.K.’s credibility in global markets. Like the Fed, the BoE is expected to raise its key rate by 75 basis points, even though the underlying economic situation is nowhere near as strong as in the U.S.
Analysis: SCRUM Team
