By Admiral Markets
The main event of the day and week is the BOE decision. The decision along with the conference should be a price mover. In my opinion, the BoE will hike the rate as expected but also validate market expectations of a November hike. The press conference will move the price too and the main point is to see whether the conference and the report is bullish or bearish. Pls see the full video here.
If the market is bullish the first POC 150.18-150.50 and/or the POC2 149.50-75 could spike the price up towards 152.20 but we need to watch all camarilla pivots in between. Because the hike has already beenpriced in, a no hike or dovish monetary outlook/statement could break the W L1/ trendline at 148.97 targeting 148.50 and 147.80. The risk on this event is high.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: GBP/JPY is Waiting for BOE Decision
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
