- 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.
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