Gtag:

Let’s Have a Quick Preview on BOE’s Policy Meeting; March 17, 2022

U.K. BOE Interest Rate Decision

U.K. has schedule to release Policy Rate decision at 1200 GMT/1730 IST. Markets anticipate 25BP hike to 0.75 pct. In addition, Monetary Policy Summary is among the primary tools the MPC uses to communicate with investors about monetary policy. It contains the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, it discusses the economic outlook and offers clues on the outcome of future votes. BOE has already started the process of balance sheet reduction by halting reinvests of proceeds from assets that mature, bringing their holdings down from a peak of 875 billion pounds.

Traders are looking for the following answers to predict the further directions of the GBP against major peers:

  • How much hike will be there in revised Interest Rate Decision?
  • What will be the revised GDP and CPI data?
  • Is there any change in the unemployment rate?

If BOE continues to tighten the Monetary Policy swiftly, GBP likely to strengthen otherwise any dovish comments from BOE could result in to depreciation of GBP against major peers.

Technical View:

GBP/USD:

  • The sterling rises on Thursday ahead of U.K.’s Interest Rate Decision due at 1200 GMT.
  • Today pair made intraday high at $1.3190 and low at $1.3125 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1.3190 on H1 chart will check key resistances.
  • Alternatively, a consistent close below $1.3130 will check further supports.
SUPPORTS RESISTANCES
$1.3130 $1.3199
$1.3100 $1.3226
$1.3080 $1.3254
$1.3055 $1.3276
$1.3021 $1.3300

 

Take a look and do trade wisely!
Good Luck

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