Bank Of England is coming :) Watch out

FX:EURGBP   Euro / British Pound
  • With Bank of England ready to Cut its Interest rates to record low of 0.50 by cutting 25 basis points this will be first policy action in 7 years and also continue its Quantitative Easing at £375 billion.

  • Therefore Pound is looking ready for a selloff also Reuters reported that speculators were holding record short positions on pound,
    which sets the scene for a big bounce if they decide to hold.

  • In any Case We need to be Prepared therefore i have marked a Short Term Consolidation Pattern (Triangle) suggesting a break on either side.
  • With the the Fundamental back drop i am a Seller of Pound going into the event i also marked a Long term Demand Zone in case there is a Surprise and they(BOE) decide to hold for a while.

Disclosure: i already have a position long in the pair and will add on above mentioned zones.

If you like my analysis please hit the like button to support

Comment: Holding 21 EMA will be key going forward
Comment: New Highs for the boy :)
Looking Even Better with flag formation on 1 Hour Check it out.
I am seriously loving this weak Pound Targets of 0.86 open now need some good momentum :)
bajajharsimran bajajharsimran
Played out nicely :)
its breaking{bad ;) } higher now have a look
Its a Cut by 25 basis points as expected and they also increased the asset purchase by 60 billion.
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