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British Pound: Market Outlook

03 August 09:27 AM

The Bank of England didn’t change its monetary policy yesterday, thus leaving the key interest rate at 0.5% and the asset purchase program at £375 bn. The major reason for such a decision is a desire to evaluate the effect of the previous steps.

As usual, such a decision had almost no impact on the currency market. There was no detailed statement. All the details will be given in the MPC meeting minutes scheduled for August 15^th.

Despite the negative GDP report for Q2 2012, the result of the meeting came out to investors expectations as they hadn’t anticipated any changes in the Bank of England’s monetary policy,

Forex.

According to Masterforex-V Academy, the British Pound is showing weakness against the US Dollar. GPBUSD has completed a major upswing represented by wave А(С) or С of level Daily2. For now, the price seems to be forming wave А/В, which is a bearish move.

A break below 1.5489 will give way to 1.5469, 1.5457. a break below the bottom of the Mf sloping channel will indicate an increase in the wave level of the current bearish move.

Alternatively, the bearish wave will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above the MF pivot at 1.5677.

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«Market Leader» - news and previews making you rich.

Foreign exchange market

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