The British pound yesterday relatively calmly met the expected rate hike by the US central bank, the decline was 28 points, the stop occurred on the support of the balance lines and the Krusenstern on a four-hour scale.
Today, the main event will be the announcement by the Bank of England of the decision on monetary policy. But everything is clear here – in a situation where the country is facing the danger of withdrawing from the EU without a deal, with continued weak economic indicators, the BoE will look emphasized neutral or will highlight the inflation problem, which also will not benefit the pound. Yesterday, the CPI fell from 2.4% yoy to 2.3% yoy in the November estimate, while the underlying CPI also fell from 1.9% yoy to 1.8% yoy in the forecast.
Tomorrow, data will be published on the balance of payments for the 3rd quarter – forecast of -22.2 billion against -20.3 billion in the 2nd quarter.
We are waiting for the price to overcome the support of the Krusenstern line on the four-hour chart, which will happen slightly below the low of yesterday, and a further decline in price to 1.2507 – support for the line of the price channel on the daytime. Further 1.2400.
The material has been provided by InstaForex Company – www.instaforex.com