GBP/USD Outlook (7th February 2019)

• British Interest Rate Announcement
  
• British Monetary Policy Summary
  
• BOE Governor Carney Press Conference
  

Price Movement
Since 1st February, GBP/USD had moved downwards for around 170pips.

Trend
GBP/USD is currently trending downwards.

Macro Background
Tonight at 2000 (SGT), the Bank of England will announce its official bank rate. The rate is expected to remain unchanged partly due to the uncertainty of Brexit. All 9 MPC members voted to keep rate unchanged.
Instead of focusing on the interest rate announcement, many will be interested in the release of the BOE Inflation Report and the Monetary Policy Summary. Also, many will pay attention to what Mark Carney has to say during the press conference at 2030 (SGT).

Important Issue
British Prime Minister Theresa May is preparing to delay the second parliament vote on her Brexit deal until the end of February as May will not be able to renegotiate her deal in time. With that, it is likely that Article 50 will be extended.

Technical
GBP/USD is currently moving between the resistance level of 1.30000 and the support level of 1.28667.

Price Levels
Current Price: 1.29332
Next Resistance: 1.30000
Next Support: 1.28667