Preferred direction: BUY
Comment: Despite the fact that the British currency is currently one of the weakest among the majors, we still adhere to buy-priority against the US dollar. Today, one of the most important events of this week will take place, namely the meeting of the Bank of England. The number of participants with short positions is dominant, which in turn is the “fuel” for the upward movement.
Two main scenarios are presented before you on the chart. Most likely, at the time the interest rate is announced or after, there will be a slight drop and then an increase towards the specified target at the level of 1.26000.
Additional comments on this trade will be provided as situation changes. Follow us!
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Comment: Despite the fact that the British currency is currently one of the weakest among the majors, we still adhere to buy-priority against the US dollar. Today, one of the most important events of this week will take place, namely the meeting of the Bank of England. The number of participants with short positions is dominant, which in turn is the “fuel” for the upward movement.
Two main scenarios are presented before you on the chart. Most likely, at the time the interest rate is announced or after, there will be a slight drop and then an increase towards the specified target at the level of 1.26000.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for like and share your views!
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