UK Interest Rate Preview, GBP USD Technical Analysis Oct 07 2008

The BOE Interest Rate Statement is due on Thursday October 9th at 12:00 UK time. Following the shock 1.00% rate cut from the Reserve Bank of Australia, the BOE’s release will be more highly anticipated than usual.

Economists have been expecting a cut of 0.25% from the BOE which would reduce rates to 4.75%. However, economists had only been expecting a half-point cut from the RBA. Speculation is growing over whether we will see a coordinated, significant cut from the BOE this week and the Fed on October 29th.

This video takes a look at the short-term areas of support and resistance that may cap price action in the GBP/USD until the interest rate statement on Thursday.

Watch a higher resolution version of our UK Interest Rate Preview here.

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