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Bank of England's quarterly inflation report meeting a.k.a. the Super Thursday meeting concludes today. While a rate hike is off the table, it's quite possible that they'll maintain an upbeat assessment of the economy despite some recent weakness in the short term data. If anything, stronger pound brings some of the desired tightening without them needing to hike. That said, I wouldn't go long GBP/USD just yet.
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Dollar weakness across the board
The dollar was battered yesterday as it lost 150 - 200 pips across the board. Daily ranges were impressive, up to 300 pips on some major pairs.
Oversold Cable took advantage of this, rose above 2015 low (~1.4565) and is so far holding above there. 50 DMA (~1.4715) is the next resistance. However, with the BOE "Super Thursday" meeting on the menu for today, downside plays could be attractive too.
Oversold Cable took advantage of this, rose above 2015 low (~1.4565) and is so far holding above there. 50 DMA (~1.4715) is the next resistance. However, with the BOE "Super Thursday" meeting on the menu for today, downside plays could be attractive too.