BOE set to cut rates

Th Bank of England is set to cut rates by at least another 50 basis points tonight in an effort to pull the British economy out of recession. Most analysts expect a 50 basis point cut in rates to 1%.

Is this priced in? We saw how AUD /USD jumped 200 points in the 24 hours that followed the RBA cutting rates by 100 basis points.

Technically the ascending triangle seen on GBP/USD needs a break and a close above 1.4550 to enable a bullish accumulation pattern to emerge.

Watch this space.