GBPUSD at resistance into BOE news event: GU may jump 200+ pips
GU is currently at some strong resistance based on Fib and the 1.25 round number.
Break out of 1.25 could jump to 1.27 easy if BOE is "less dovish" than last meeting.
Similarly 1.23 is first good support, a breach would be devastating for this bounce.
Of course, the BOE event/decision may be out-weighed by Brexit developments.
Of note, after FOMC's "hawkish cut" GU did not move as much as other USD crosses.
So it already seems that "interest rate differential" is not much of a driver here.
Let's see if this upcoming event (in a little over 1 hour) moves this currency much.
Break out of 1.25 could jump to 1.27 easy if BOE is "less dovish" than last meeting.
Similarly 1.23 is first good support, a breach would be devastating for this bounce.
Of course, the BOE event/decision may be out-weighed by Brexit developments.
Of note, after FOMC's "hawkish cut" GU did not move as much as other USD crosses.
So it already seems that "interest rate differential" is not much of a driver here.
Let's see if this upcoming event (in a little over 1 hour) moves this currency much.
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the Trading View is my Nation
the Moderator Tag is my Flag
Bulls are getting more confident and news is helping.
Original call for 200 pip rise is now a little more likely.
.