The main focus today is the BOE interest rate decision with monetary policy summary. This is called Super Thursday event and I expect it to be very volatile. The event is scheduled for 11 AM GMT. The BOE will also present its quarterly inflation report which has been updated. We might see two-way price movement.
The pattern that is formed is called – running flat top ascending triangle. It is a running pattern because the apex of the triangle has not been established yet. This suggests two way price movement, that could be also fueled with Balance of Trade date today.
There are two zones traders should focus on at this point.1.2995 is a strong resistance and a break of 1.2995 (D H5, ATR high) may target 1.3025 to 1.3050 – Weekly H3 camarilla pivot and round number resistance. A break of lower zone (D L3, ATR pivot) 1.2916 might target even the 1.2825 level – Weekly L5 camarilla. I suggest you use the VPS tool if you want to trade GBP/USD today.
