GBPUSD | Analysis Pre BOE Rate decision | Forex
Hi, and thanks for checking out today’s video update. We are looking at the GBPUSD today as the price continues to consolidate in a rough ending diagonal pattern.
We have also chosen the cable as we have the UK rates decision to come out later today. Depending on what we see from the BOE, this could be a catalyst to break the price out of its current deadlock.
Today’s focus: GBPUSD
Pattern – Consolidation Watch
Support – 1.2665, 1.2610
Resistance – 1.2751
Yes, we do have a consolidation in an uptrend, but it’s not a traditional continuation pattern, so we are waiting to see if and where the price breaks out before we start thinking about directional calls. Rates are expected to remain on hold, so we will be looking for policy clues in the statement. Will we see a breakout today?
We have run over scenarios for price and points we will look at for potential confirmation.
UK Interest Rate decision is due today at 11:00 pm.
Good trading.
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