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The current situation on the chart of the British pound and the US dollar looks less interesting than a month ago. The trend has slowed down and we see uncertainty on the move. Today there may be a solution to this situation as BOE MPC members vote on where to set key interest rates, and their public engagement is often used to throw subtle hints about future monetary policy.
During these votes, the governor of the BOE and several MPC members testifies before the Parliament’s Treasury Committee on inflation and economic prospects. Hearings last several hours and may cause market volatility during this time period. Particular attention is paid to direct comments on the currency markets.
In the chart, I showed a consolidation range that goes very subtly upwards like the blue lines marked. Personally, I would like to see a further increase, but I bear in mind that the place I marked at the bottom of the rectangle (small exclamation mark) may be knocked out, and then I probably come back to further price drops. As I wrote above, today’s volatility in the market may result in me not concluding transactions until the situation is clarified.
