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.