BoE to announce interest rate today

<p>After the dust has settled from the election, we see GBP/USD sit just above the 1.54 level, after struggling to keep above the 1.55 level […]</p>

After the dust has settled from the election, we see GBP/USD sit just above the 1.54 level, after struggling to keep above the 1.55 level from Friday.

Today will all be about the rate decision from the UK after not being able to announce this while an election is in progress. we get the decision today, and no surprises are expected with rates and QE to stay unchanged.

The euro has continued to weaken from Friday and is now below the 1.12 handle, possibly looking to go back to 5th May lows of 1.1060. There is no data out today, but the Eurogroup meetings are underway so any speakers from this may have an impact on the direction of the euro; notably any comments on Greece’s future in the Eurozone.

The USD/JPY has been in a tight range and is looking to break the 120 barrier, it should find support around its 7th May low of 119.03, but with no data from the US today we will be listening for any unannounced speakers to push it.



 1.1160-1.1110-1.1045 | Resistance 1.1270-1.1330-1.1380



119.50-119.20-118.80 | Resistance 120.15-120.50-120.80



Support 1.5290-1.5130-1.5010 | Resistance 1.5570-1.5690-1.5850

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.