13 October 2020, GBP/USD
GBPUSD trading plan:
The Bank of England asked banks how ready they are for zero or negative interest rates, following up its announcement last month that it was considering how to take rates below zero if necessary. "As part of this work, we are requesting specific information about your firm’s current readiness to deal with a zero Bank Rate, a negative Bank Rate, or a tiered system of reserves remuneration – and the steps that you would need to take to prepare for the implementation of these," Deputy BoE Governor Sam Woods said in a letter to banks. The BoE set a deadline of Nov. 12 - a week after its next monetary policy announcement - for banks to respond. This is a negative signal for the British currency.
Trading recommendation: Sell 1.3050 and take profit 1.3015.
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