GBP USD Traders Square Up Ahead of Tomorrow’s BoE Meeting

The GBP USD is under pressure today at the New York mid-session as traders even up positions ahead of tomorrow’s Bank of England interest rate decision.

The GBP USD is under pressure today as traders even up positions ahead of tomorrow’s Bank of England interest rate decision. The BoE is expected to keep its benchmark interest rate at 0.50% but may offer significant information regarding its quantitative easing plan.

Traders are curious to see if the BoE ramps up its efforts to buy government assets in an effort to revive the economy. U.K. investors are also looking for guidance regarding the U.K.’s widening budget deficit that was estimated last month at about 90 billion Pounds.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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