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Markets are also pricing in a rate cut by the BOE

Markets are also pricing in a rate cut by the BOE | 11 March 2020

11 March 2020, GBP/USD

Markets are also pricing in a rate cut by the BOE

GBPUSD trading plan:

Nervous sentiment over the coronavirus epidemic persisted. The total number of infected cases in mainland China rose to 80,956 as of Wednesday, while more than 119,132 people have been infected globally. Central banks, meanwhile, were seen stepping up efforts to combat the economic fallout of the epidemic, with the U.S. Federal Reserve expected to cut interest rates during its scheduled policy meeting in the coming week. The Fed had already slashed its benchmark interest rate in an emergency move last week. Markets are also pricing in a rate cut by the Bank of England on March 26. This is a negative signal for the British currency.

Trading recommendation: Sell 1.2945 and take profit 1.2910.

David Johnson
Analyst of «FreshForex» company
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