BOE MPC preview: What levels to look at ?
It's the turn of the Bank of England to take centre stage 12 May 2016
Further to my preview yesterday I just thought I'd highlight a few areas on GBPUSD and EURGBP that we should be looking at. Many of you will have other, more pip-sensitive, levels based on your technical analysis so throw these into the mix too as always.
Starting with the GBPUSD order board we have near term offers/res at 1.4460 and 1.4480 with more at 1.4500 and larger at 1.4530-40 with another decent tranche into 1.4600. I can't see anything being triggered today to get beyond that.
On the downside immediate support at 1.4400 with more into 1.4375-80. Strong buying interest at 1.4300-10 and more into 1.4250 should prevent further falls.
EURGBP has good supply into 0.7930 then more at 00.7950, 0.7980 and larger at 0.8000 still. Support/bids at 0.7880 with larger at recent support lines around 0.7865. A break through 0.7850 should target 0.7830 then 0.7800.
As always trade what you see. The data is out at 11.00 GMT while the press conference is due from 11.30 GMT so there'll be a gap to digest all the news before we start dissecting Carney's every word.
Watch the presser live here
Carney holds the key