GBP/USD BoE Official Bank Rate Decision

By:

Published: Sep 14, 2017, 11:13 GMT+00:00

The Bank of England MPC decision is due at 11 PM GMT. The market is expecting that policymakers leave interest rates at 0.25 %. But what traders and

The Bank of England MPC decision is due at 11 PM GMT. The market is expecting that policymakers leave interest rates at 0.25 %. But what traders and investors should be focused on is how many of policymakers will vote for a hike and how many will be against the hike. Technically the GBP/USD is in uptrend but that can easily change after today’s data and MPC official bank rate votes. 1.3270-85 is the important zone (W H3, D H4, ATR projection high) and the price could reject from the zone once the zone is hit. If the price proceeds above the zone 1.3330-1.3365 are the next zone (D H5, historical bearish order block, previous high, W H4) and rejections should happen there too. On the contrary, 1.3015-1.3030 POC (W L4, previous double bottom, historical order block bullish) could spike the price upwards. Due to huge expected volatility targets are between these important zones marked as Daily camarilla levels as shown on the chart.

GBP/USD 1H Chart

Watch for these zones and potential rejections, and for safer trading, use the volatility protection tool.

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)

Follow @TarantulaFX on twitter for latest market updates

Sign up for Live Trading Webinars with Nenad Kerkez T

Connect with Nenad Kerkez T on Facebook for latest market updates