Quick Trade Plan for GBP/USD – BOE Policy Awaited!
Arslan Butt • 1 min read
Recalling FX Leaders Sep 13 – Economic Event’s Brief, investors are awaiting UK’s monetary policy decision today. Although the BOE isn’t expected to play with the rate, the market can get volatile on the voting decision.
The GBP/USD is offering a very nice trade setup but I’m feeling hesitant to enter it ahead of the news release. It’s forming an ascending triangle pattern which supports the pair near $1.3025 along with a resistance near $1.3070.
As we know, ascending triangle patterns have a high probability of breaking upward, therefore I will be looking to take buying entry.
On the upper side, the violation of $1.3070 can lead the Cable towards $1.3120 and $1.3165. The 50 periods EMA is also supporting the bullish trend. On the other hand, the bearish breakout of 1.3025 level can cause further sell-off until 1.2985.
Good luck and stay tuned to FX Leaders economic calendar for live coverage of BOE policy decision.