Bank of England is going to announce its decision on interest rates this afternoon, We believe that Bank of England will keep the interest rates unchanged at 0.50%, as growth slowdown was seen in last few months and we are sure that the BoE will be pressured to keep the rates unchanged. Also the inflation there is not a big reason to worry about in UK region. So we will be placing our bets that BoE will not hike its interest rates today. If there is rate hike then it will surely surprise the market participants, looking at the polls from our visitors we have the data where 85% says they expect the rates to remain unchanged, while 15% are assuming rate hike by BoE (Bank of England).
How should traders trade this news event:
Trading the bank of England interest rates decision, traders can place the buy orders in GBPUSD above the 1.6465 level for targets as 1.6465. Also place the sell orders below 1.6275 levels for target level as 1.6175. The stop loss for long positions must be at 1.6405 and stop for short positions should be at 1.6335 level. Still 10 minutes to go, lets see which way the market shoots.