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Thread: Discuss the GBP/USD with a DailyFX Analyst
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  #4008 (permalink)  
Old 07-08-2008, 10:08 AM
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cmellon cmellon is offline
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Quote:
Originally Posted by smartboy View Post
I think GBP/USD will rise up at least 160 points before interest rate date .

I guess it may hit 1.99 by tomorrow , then retreat for a while after that move up again to break the 2.00 level .
BOE is expected to keep the rate steady. If anything, traders will speculate BOE to reduce rate, not to increase it, due to the terrible economic condition. IMO, this interest rate event risk should not give reasons for traders to build up long. If traders are long, the reasons are something else.

D1 chart is telling me it should go down to 1.95 - 1.96, and not yet go back up to 2.0 at this level. Fundamentally it is supported too since U.K economy is terrible.
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