Fundamentals:- After a failed trade on this currency pair today we still believe the downside is imminent. Why? After a subdued super Thursday from the BOE and no change in either rate hike or votes by the MPC. Mark Carney later said in an interview with the BBC that it was likely rates would rise before the end of this year. With the outlook for Europe pushing possible rate hikes back to 2019 I would expect the GBP to gain the edge over the Euro in the coming days.
Technicals:- After the rate decision from the BOE the price pulled back to a previous resistance level. You could take this trade at market or wait for it to retest the high on the 4th of may. The stochastic is now overbought and sellers are trying to push the price down from this level.
Technicals:- After the rate decision from the BOE the price pulled back to a previous resistance level. You could take this trade at market or wait for it to retest the high on the 4th of may. The stochastic is now overbought and sellers are trying to push the price down from this level.