Important Levels in the Pound Ahead of the BOE - Forex News by FX Leaders

Important Levels in the Pound Ahead of the BOE

Posted Thursday, November 2, 2017 by
Rowan Crosby • 1 min read

The Bank of England is set to release its interest rate decision later today and as it stands there is a 90% chance of a hike. This raises two questions:

  • Is there any more upside to come?
  • What happens if they don’t hike?

There might not be much more room to go to the upside. I feel like 1.3300 might be a good level to the upside to use as a trading level. If they hike I would look to buy a pullback here.

If they don’t hike then I think we might take a big hit. To the downside, I think we will break 1.3100.

Either way, I think there will be volatility with this one, with some significant moves to the downside if we don’t get what the market is expecting.

GBP

GBP/USD – 240 min Chart.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of