EXNESS - Analytics

    EXNESS

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    GBPUSD: consolidation before the Bank of England's meeting

    Buy on a level breakthrough of 1.5444 with 1.5497 target. Stop loss = 1.5394.

    Reason for the trading strategy

    In October, the business activity index in the UK services sector rose form 53.3 p. to 54.9 p., and the ISM business activity index in the USA rose from 56.9 p. to 59.1 p. The improving economic data increases the likelihood of the monetary policy tightening in these countries, but it has a neutral effect on the GBP/USD pair, consolidating in the range of 1,5361-1,5444. Today, market participants will await the Bank of England's decision on the interest rates, minutes of meeting, quarterly report on inflation in the country, and Mark Carney's speech.

    GBPUSD, H1

    GBPUSD


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