Today is a big day for the GBP. The market is expecting a rate hike of +0.25 % from 0.50% to 0.75%. The decision is an interest rate at which the BOE lends to financial institutions overnight. The hike seems to be priced in the market but according to the latest inflation and data, the hike might not be justified.
Above 146.38 the GBP/JPY could spike to 147.50, while below 145.77, we could see 144.68. The BOE event is scheduled for 11 AM GMT, and huge volatility is expected.
W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.