BombayBulls
Long

GBP/USD - Playing BOE Rate Decision Today

FX:GBPUSD   British Pound/U.S. Dollar
30 0 0
During the today's rate announcement we will be looking for any skewed risk reward opportunities in pound. Yesterday's price action             in FX and oil             came as lightning bolt and dollar was totally whacked. To sustain the momentum certain level needs to be hold and we would like to play against those levels to have risk reward ratio in our favour.
Yesterday, break of 1.4450 opened the flood gates in GBPUSD             . So today we will be closely watching 1.4500 and 1.4450 during the rate decision announcement. Any sign of bottoming here and we will be in for long. Reading the price action             is the key along with solid technical levels. But to keep the hope alive for bulls, pound can't afford to close below 1.4400 in any circumstances. If we can get long near these levels, 1.50 is not that far for queens quid considering the way it moves when it really moves !
Comment: we did book partial profit on the upswing touching 1.4550 for our long from 1.4510 and now going to get rid of entire position at 1.4535 because NFP is coming. So another good trade after our crude oil long this week :)
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