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Coleman: Trading GBPUSD two ways

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Ian Coleman from First 4 Trading highlights two possible trading scenarios in GBPUSD this today. He is bearish on the currency pair until the Bank of England interest rate decision at 11:00 GMT. The Bank of England is expected to maintain the current interest rate of 0.5 percent for the 73rd straight month. Investors have speculated that rates will not change until the second-half of 2016. Therefore, prior to the BoE’s announcement, Ian is planning to sell GBPUSD at the market open with a 30 pip stop. He is targeting a move towards USD 1.4810.

Ian expects to see a bullish reversal in the market after the BoE’s announcement and would then look for a medium term break of USD 1.5000 and the measured move target of USD 1.5350.

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