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September 17, 2020

Opportunity To Grab 50+ PIP Volatility During BoE’s Official Bank Rate Decision

U.K.’s Official Bank Rate Decision

U.K. will release interest rate decision at 1100 GMT/1630 IST. BoE is expected to keep policy rate steady but now focus turns on the tone of policy statement. Does BoE use hawkish tone or dovish tone? Along with the pandemic down turn, U.K. is also faces Brexit uncertainties too. During today’s policy meeting, BoE governor must convey the clear message regarding future policy and Brexit both.

Let’s see how GBP has reacted during the previous data release:

Aug 6

June 18

Technical View:

GBP/USD: The sterling remains volatile ahead of U.K.’s official rate decision. A sustained close above $1.2967 will drag the parity up towards $1.3002, $1.3070, $1.3102, $1.3148, $1.3210, $1.3276, $1.3350, $1.3382, $1.3422, $1.3442 and $1.3515 mark respectively. Key support levels are seen at $1.2888, $1.2820, $1.2762, $1.2740, $1.2695, $1.2662 and $1.2620 mark respectively.

Take a look and do trade wisely!

Good Luck

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