Sell on a level breakthrough of 1.5465 with 1.5330 target. Stop loss = 1.5515.
Reason for the trading strategy
This week, 8 out of 9 members of the Bank of England Monetary Policy Committee (MPC) voted to keep the key interest rate at 0.5%. Ian McCafferty voted for its increase up to 0.75%. Market participants started selling the pound, as they were expecting that at least 2 members of the MPC would vote for the rate increase. The low commodity prices and the rising wages have a moderating effect on the inflation in the country. According to the head of the Bank of England, inflation will probably remain below the target level for several months.
GBPUSD, Daily
Reason for the trading strategy
This week, 8 out of 9 members of the Bank of England Monetary Policy Committee (MPC) voted to keep the key interest rate at 0.5%. Ian McCafferty voted for its increase up to 0.75%. Market participants started selling the pound, as they were expecting that at least 2 members of the MPC would vote for the rate increase. The low commodity prices and the rising wages have a moderating effect on the inflation in the country. According to the head of the Bank of England, inflation will probably remain below the target level for several months.
GBPUSD, Daily
The Bank of England's "minutes" are disappointing for the pound
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