Forex Signals Brief for Nov 7: BOE in Focus
Rowan Crosby • 2 min read
All the focus today looks like it is back on the UK as we have the latest instalment of the BOE.
Currently, there is no expectation of a change to interest rates which should remain at 0.75%. However, as is the case in the current environment, Carney’s commentary will likely be a big focus.
There are some out there that feel he might be looking to drop his hawkish bias, which would obviously see some downside in the GBP/USD. That could happen because we are yet to see an uptick in inflation. Which of course, is the main job of central banks.
We could also see the vote for a change being non-unanimous. That would suggest that there are differing opinions on how to proceed so that number could also be a factor today.
More than likely, we will see no change. But it’s the surprise shocks that we need to be ready for and that is where the greatest opportunities often lie for traders.
Forex Signal Update
The FX Leaders Team finished with the 1 win in GOLD in what turned out to be a quiet session.
GBP/USD – Pending Signal
The GBP/USD continues to hold between 1.2800 and 1.3000. It’s a big day ahead with the BOE as mentioned and we’ll be ready for any shock decisions. The bias remains to the long side for now.
EUR/USD – Active Signal
We are back in the EUR/USD with another signal this time the long side. The Euro really has been quite range bound of recent times, so we are expecting a bounce off support here.
The BTC is continuing to consolidate between the $9,000 level and $9,500 resistance.
As I’ve said a fair bit when it comes to Bitcoin our best play is to simply wait on a break of a key level and go with the momentum.
As such, nothing has really changed here in the last 24 hours, so we can either play the range that I’ve outlined, or trade a break.