The Bank of England interest rate decision is due out today at 12 noon. its is 10:53 am and this market looks like it's setting up to rise when the decision comes out.
On the 4 hour chart, it has had a reaction to between the 50% and 61% of the up move and today, it broke yesterday's daily low ( UK daily chart) below bouncing up.
I believe that the reaction was a shake out of the weaker hands, as it has been known for some time that the BOE was going to raise interest rates.
GBPAUD is in similar position, and both markets, in my opinion will rise
On the 4 hour chart, it has had a reaction to between the 50% and 61% of the up move and today, it broke yesterday's daily low ( UK daily chart) below bouncing up.
I believe that the reaction was a shake out of the weaker hands, as it has been known for some time that the BOE was going to raise interest rates.
GBPAUD is in similar position, and both markets, in my opinion will rise
ThE GBPAUD is acting right, so I am still long in that pair