GBP/USD Bounce Potential, BOE on Tap
As of writing on Monday morning, traders are pricing in about a 60% chance that the Bank of England will cut interest rates at its meeting on Thursday, leaving meaningful doubt on how the meeting will ultimately resolve.
Meanwhile, GBP/USD remains within its 2-week bearish channel, though it is bouncing back to previous-support-turned-resistance near 1.2850. For this week, that will be a key bull/bear line, with a breakout above it setting the stage for a potential continuation toward 1.29+, whereas bears will maintain the upper hand below that level.
-MW
Meanwhile, GBP/USD remains within its 2-week bearish channel, though it is bouncing back to previous-support-turned-resistance near 1.2850. For this week, that will be a key bull/bear line, with a breakout above it setting the stage for a potential continuation toward 1.29+, whereas bears will maintain the upper hand below that level.
-MW
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.