| On August 4th, the BOE will announce there interest rate decision. The expectations is for a cut of 25 basis points to 0.25%. What do they say in the statement? Do they do more QE? Do they surprise and say they don’t have enough information yet?
The pair has rallied over the last few days and settles between the 100 and 200 bar MA on the 4-hour chart. To me, that is the market positioning itself for whatever the BOE has to say and what they do. Move below the lower MA and the bias is increasingly more bearish. Move above the higher MA and that bias is more bullish. The point is, those MAs will be key in the trading after the event. Take a look. If you like be sure to hit thumbs up. If you don’t like, click thumbs down. Comments are welcomed. |
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