We have a BOE meeting this week. I am paying attention to the tone of the language used and the vote split. I want to see what the BOE have to say about the recent move higher in GBPUSD and how they feel about inflation in the forecast period. Do we need to start pricing in further hikes this year or are they done for now? Are there any other risks or opportunities we should be aware of?

GBPUSD Daily

Bears selling at MM3 have a target of MM1. Bulls have MPP, MM2 and 1.36 as support.

GBPUSD H4

Bears selling at MM3 last week are going to sell again at WM3 with a target of WM1. Note the confluence of MM2 and WS2.

GBPJPY Daily

The bullish channel remains in tact though price is currently at the top of the channel and sitting on MM3 as support. Price has not come up off a monthly bullish pivot. Bulls eyeing MPP and MM2. A break below MM3 with a sell at MM3 has a target of MM1.

GBPJPY H4

A pullback into WM3 could see Bears selling with a target of WM1 - price on H4 is falling and the break of the 21 and 55 on H1 with a pullback due for a double top. Confluence of MPP and WM2 is important for Bulls with confluence of MM2 and WS1 lower down.

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