GBPUSD:consolidation before the Bank of England's meeting

June 4, 2015

Buy on a level breakthrough of 1.5375 with 1.5450 target. Stop loss = 1.5325.

Reason for the trading strategy

In May, the business activity index in the UK services sector fell from 59.5 p. to 56.5 p., not allowing the pound to rise above the 1.5375 level yesterday. Today, market participants' attention will be focused on the Bank of England. It is expected that the regulator will keep its key interest rate and volume of asset purchases unchanged. The regulator will probably present new projections for inflation and growth rate of the British economy.

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