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Pound/Dollar: Balanced


The pound/dollar on Thursday was down to 1.5110 after the Bank of England convened. After US stats came out, the rate restored to 1.5187. The situation is ambiguous for me. Due to this and according to the internal spike that is forming, I expect the GBP/USD to fall to the 90th degree. Since the indicators are down, it’s likely that there’ll be a false break upwards. This will allow the indicators to offload and sell the pound from 45 degrees. The important events have passed and now there’s only the Fed meeting to go. Before this meeting I expect to see fluctuations in all directions in a wide range.


The Bank of England met and kept everything as is was. 8 members of the MPC voted to keep the base rate the same with one wanting an increase. The pound reacted to the minutes with a fall. Today it’s likely that the correctional movement will continue.


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