I’m not seeing much to inspire me but there are some GBP-pair trend lines to watch with tonight’s BoE announcements. I’m reading that some analysts expect the BoE to announce a rate cut but it is the prospect of potential QE/stimulus that is creating greater uncertainty for the GBP. Here are some charts that offer trend lines and levels to watch for any breakout opportunity, bullish or bearish.
GBP/USD: I wrote on the w/e to watch for any breakout from the 1.30-1.35 trading range and that suggestion remains valid today. There was a TC LONG signal here during the week but that has barely moved. Drilling down to the 60 min chart shows a triangle with obvious trend lines to watch here too in the lead up to tonight’s highly anticipated BoE meeting.
GBP/USD 4hr: still worth watching for any breakout from 1.30-1.35 to assess any new directional move here. Price is above the 4hr Cloud:
GBP/USD 60 min: a triangle for now on the 60 min with price above the 60 min Cloud:
GBP/JPY: this is still trading in a 4hr chart wedge with little momentum so watch the trend lines for any make or break activity.
GBP/JPY 60 min: price is in the 60 min Cloud so, maybe, a make or break from there would help delineate the next directional move here:
GBP/AUD: This is still trading in a wedge around the key 1.75 level ahead of tonight’s BoE. Check my previous updates to see why 1.75 is such a key level for this pair. Price is in the 4hr Cloud:
GBP/AUD 60 min: little momentum here too but price action is above the 60 min Cloud:
GBP/NZD: this has made a channel breakout BUT is still below the Cloud so perhaps use a Cloud breakout to delineate any new bullish entry, if desired, post BoE:
GBP/NZD 60 min: the 60 min chart gives us upper and lower channel trend lines to watch for any make or break activity. Price is above the 60 min Cloud already though:
EUR/GBP monthly: maybe the 50% fib, near 0.8365, would be a good level to watch for any new make or break activity: