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August 6, 2020

U.K. Interest Rate Decision

U.K. Interest Rate Decision
U.K. is going to release Interest Rate Decision around 0600 GMT/1130 IST. Markets expect no changes in interest rate but focus turns on monetary policy statement. BoE will provide growth forecast as well as inflation forecasts. In addition, core focus turns on stimulus package to meet the growth targeted and any new policy to come out from the pandemic situation. Many more to watch out from today’s Central Bank meet.
Let’s take a look how GBP has reacted during the previous data release:

Technical View:
GBP/USD: The pound trades marginally higher ahead of BoE’s interest rate decision and stabilizes above $1.31 mark against U.S. dollar. A sustained close above $1.3113 will drag the parity up towards $1.3176, $1.3212, $1.3257 and $1.3289 mark respectively. Key support levels are seen at $1.3071, $1.3004, $1.2950, $1.2838 and $1.2775 mark respectively.

Take a look and do trade wisely!
Good Luck

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