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Aug 2nd 2007
Jude’s Daily View - GBP Interest Rate Statement for July 07
forex economic indicators, GBPUSD, daily encounters 1 year agoTags: Daily Cable, GBPUSD, Pound.
With the Interest Rate statement released at 5.75% last month which brought the pound to an all new time height of 2.0561, the pound is taking a breath with a retracement to the 2.0280 level . Seasonal chart shows that the pair usually dives towards the end of July till Mid August.
England definitely have a stronger foothold on the economy as compared to their American counterpart with an all time PMI height in 3 years
The Bank of England is expected to leave the rates unchanged today at 5.75% today. Should the interest rate hold, expect to see some downwards action against the dollar towards the 2.0200 to 2.0150 level.
A reminder: Avoid trading any piece of news before the economic results is released. I understand people always have problem trying to short/ long positions during this timing, but it is definitely for the better if you can just wait. You can use sell stop to aid you and always remember to use stop loss level.
Popularity: 17% [?]
Bad trade for this one as the release doesn’t seem to affect much on action.