GBP now awaits BOE this morning

GBP/USD - daily chart

GBP/USD – daily chart

The combination of poor retail sales and a worse than expected Trade Balance number has resulted in a unanimous sell of Aussie overnight, with big moves across all the AUD pairs.Now focus shifts to the UK, US & Canada. First up is GBP with an interest rate decision from the BOE and statement. Market not expecting any change, but statement will be interesting given recent run of poor PMI. On the GBP matrix of six pairs we monitor cable’s recent reversal off the VPOC indicator for MT4 at 1.5145 has now stalled & is waiting for today’s news.Of the others GBP/JPY has been in consolidation and testing the deep resistance at the 190.71 area. And of the three GBP commodity pairs, all look pretty similar and testing key resistance levels with the trend monitor below confirming the bearish picture at present.

The decision, as always, is whether to sit out the news, or if you are already in a trade whether to come out.

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