U.K. Interest Rate Decision Gives Chance to Grab 50 PIP Movement, Nov 05, 2020

U.K. Official Cash Rate Decision

U.K. will release Interest Rate decision at 0700 GMT/1230 IST. Markets expect BoE’s interest rate to remain unchanged at 0.10 pct but there is a scope of bit changes in Asset Purchase Facility and a surprise rate cut. In addition, Corana Virus situation is very critical in U.K. and the country has entered in 2.0 lockdown announced last weekend only which lasts for 1 – month. In addition, what will be the changes in growth forecast and QE for the Country? This Monetary Policy summary will give all the require answers and provides further direction to the GBP.

Let’s see how GBP has reacted during the previous data release:

Sept 17

Aug 06

Technical View:

GBP/USD: The pound trades marginally lower ahead of U.K.’s interest rate decision. Today pair made intraday high at $1.2992 and low at $1.2931 mark. A sustained close above $1.3049 will drag the parity up towards $1.3070, $1.3102, $1.3152, $1.3176, $1.3224 and $1.3248 mark respectively. Key support levels are seen at $1.2916, $1.2889, $1.2854, $1.2822, $1.2752, $1.2723, $1.2675, $1.2632, $1.2602 and $1.2570 mark respectively.

Take a look and do trade wisely!
Good Luck

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