GBPJPY Technical Analysis 23.03.2023 1h chart
– Previous Daily candle close Bearish at 161.100 back in the range forming new Daily Resistance at 161.800.
– Buys on close above 161.360 targeting Daily Resistance at 161.810, Leaving Runners to the 1h Resistance at 162.310.
– Sells on close below 160.800 targeting 1h Support at 160.290, Leaving Runners to the 4h Support at 159.850.
– High Impact News ahead for the Pound Sterling 1h before New York session opens as follow : MPC Official Bank Rate Votes, Monetary Policy Summary and the Official Bank Rate
– What is Bank Rate :
– The Bank Rate for the Bank of England, also known as the base rate or interest rate, is the rate at which the Bank of England lends money to commercial banks. When the Bank Rate is high, it becomes more expensive for commercial banks to borrow money from the Bank of England. This, in turn, can cause commercial banks to increase the interest rates they charge their customers for loans and mortgages. On the other hand, when the Bank Rate is low, it becomes cheaper for commercial banks to borrow money from the Bank of England, which can lead to lower interest rates for loans and mortgages.
– The Bank of England’s Monetary Policy Committee (MPC) sets the Bank Rate based on their assessment of economic conditions and their mandate to achieve the government’s inflation target. By adjusting the Bank Rate, the MPC can influence the level of economic activity, inflation, and employment in the UK economy. A lower Bank Rate can encourage borrowing and spending, which can boost economic activity and employment, but may also lead to higher inflation. Conversely, a higher Bank Rate can help to curb inflation, but may also dampen economic activity and employment.
– Buys on close above 161.360 targeting Daily Resistance at 161.810, Leaving Runners to the 1h Resistance at 162.310.
– Sells on close below 160.800 targeting 1h Support at 160.290, Leaving Runners to the 4h Support at 159.850.
– High Impact News ahead for the Pound Sterling 1h before New York session opens as follow : MPC Official Bank Rate Votes, Monetary Policy Summary and the Official Bank Rate
– What is Bank Rate :
– The Bank Rate for the Bank of England, also known as the base rate or interest rate, is the rate at which the Bank of England lends money to commercial banks. When the Bank Rate is high, it becomes more expensive for commercial banks to borrow money from the Bank of England. This, in turn, can cause commercial banks to increase the interest rates they charge their customers for loans and mortgages. On the other hand, when the Bank Rate is low, it becomes cheaper for commercial banks to borrow money from the Bank of England, which can lead to lower interest rates for loans and mortgages.
– The Bank of England’s Monetary Policy Committee (MPC) sets the Bank Rate based on their assessment of economic conditions and their mandate to achieve the government’s inflation target. By adjusting the Bank Rate, the MPC can influence the level of economic activity, inflation, and employment in the UK economy. A lower Bank Rate can encourage borrowing and spending, which can boost economic activity and employment, but may also lead to higher inflation. Conversely, a higher Bank Rate can help to curb inflation, but may also dampen economic activity and employment.