08 November 2019, GBP/USD
GBPUSD trading plan:
The Bank of England is growing increasingly concerned about BREXIT. Michael Saunders and Jonathan Haskel wanted to lower the benchmark by a quarter point - the first votes for looser policy since 2016. In their re-branded Monetary Policy Report, officials cut their forecasts for growth and inflation. The projections highlight the impact of the global slowdown. Officials now see far weaker inflation in the near-term thanks to a drop in energy prices, and it will remain below target until late 2021. BOE is shifting closer to other central banks, such as the Federal Reserve and the European Central Bank, which have already cut interest rates this year. This is a negative signal for the British currency!
Trading recommendation: Sell 1.2820 and take profit 1.2780.
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