GBPUSD | Is the CABLE ready for the decision rate?#GBPUSD 2H
The Cable (nickname for GBPUSD), is witnessing a sharp bearish activity since last week due to the unexpected GDP change (-20%). Therefore, we are expecting it to continue this bearish trend for the next week.
However, we have the "U.K. Interest Rate Decision" coming up on Thursday this week, so we need to account also for the possibility of a "surprise" move by the Bank Of England (BoE). As it might decide to change the interest rate to stimulate the economy, which will give the GBP a short-term boost.
Therefore we have two scenarios, and we are ready to ride both directions.
Technically speaking, GBPUSD has broken multiple support areas last week during its sharp movement, therefore suggesting that the fundamentals are moving this pair in the mean time.
If GBPUSD manages to break above the resistance and the MINOR bearish trendline, and closes a 4H candle above. Then, and only then, we will activate our Bullish Scenario.
On the contrast, if the price manages to break below the MAJOR bullish trendline and breaks the price area @ 1.24500, and closes a 4H candle below it. Then, this will activate our Bearish Scenario
📰 Economical News to watch for:
1) U.S. Core Retail Sales m/m
2) U.S. Retail Sales m/m
3) U.S. Fed Chair Powell Testifies
4) U.S. Building Permits
5) U.S. Unemployment Claims
6) U.K. Average Earnings Index +Bonus
7) U.K. Claimant Count Change
8) U.K. Consumer Price Index (CPI) YoY
9) U.K. Interest Rate Decision
10) Bank of England (BoE) Monetary Policy Committee (MPC) Meeting Minutes
11) U.K. Retail Sales MoM
⚠️ Risk ONLY: 2-3%
Good Luck!
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