GBP/USD ahead of BoE announcement
The GBP/USD had a volatile session on Wednesday with the market falling as low as 1.512 before bouncing back to form a hammer on the daily chart. With a support base having been formed at this area, we see a temporary stabilisation. At 1.516 at the time of writing, the market started the day on an negative footing before gaining back some of the losses. It looks like the bears do not have enough collective momentum to push the market decisively to the downside. As long as we remain above 1.512 the bias is likely to remain on the upside. Key targets for the bulls to watch sit at 1.5195 and 1.525. With the BoE monetary policy announcement today we expect high volatility and an interesting trading session to look forward to.
Intertrader.com, Spread betting & CFDs
Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit.
The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.