GBPUSD gets a BOE lift
Buoyed by another MPC memebr calling for rate hikes, the quid continues to push higher. We busted the 1.3200/20 area and hit the next band of resistance at 1.3260. It’s sticky here between 60 & 70 and then we have a stonger looking area around 1.3300.
The pound could remain fairly bullish now on BOE hopes, at least until the next round of trade war risk off or Brexit bad news. 1.3200 should be the main support now but 1.3220 will build the longer we stay above it.
As for the future, and as per my preview, it looks like I might get my August hike sell plan coming to fruition. Like the BOE, I’ll be watching the data and if it doesn’t match up to the market expectations into that meeting, I’m going to be selling it.
One to watch on that front but in the meantime, we have the levels to watch in the interim.