HomeLive CommentsBoE to stand pat on a close call, some previews

BoE to stand pat on a close call, some previews

BoE rate decision is a major focus today and it will be Mark Carney’s last meeting as Governor. The central bank is more likely to keep Bank rate unchanged at 0.75%. Markets are just pricing in around 45% chance for a cut as of yesterday. Bets on a cut receded sharply last week after data showed strong improvement in business optimism. But the decision would be a close call.

Here are some suggested previews:

GBP/CHF fall from 1.3310 lost momentum after hitting 1.2528. Such decline is seen as a corrective move. In case of another fall, we’d expect strong support from 1.2447 cluster support (50% retracement of 1.1674 to 1.3310 at 1.2492) to contain downside and bring rebound. Break of 1.2854 resistance will bring retest of 1.3310 high. However, firm break of 1.2477 will likely bring deeper fall through 61.8% retracement at 1.2299.

Featured Analysis

Learn Forex Trading