Oil group OPEC is set on Friday to discussion by its policy of unconstrained oil output for another six months, OPEC is set to convene its formal session by noon and a result is likely to be announced quickly thereafter this meeting. Bank of England decided to keep its benchmark interest rate at 0.5%, unchanged at the lowest level since 2009. also kept the size of its bond-buying stimulus programme unchanged at £375bn. Meanwhile, recently confirmed that UK gross domestic product (GDP) growth slowed to 0.3% in the first quarter, which was its worst showing since the end of 2012. The officials of the central bank led by Mark Carney expect annual inflation to come back to 2% target by the beginning of 2017.
Short-term Correction ; buying pressure
On the short -term the market with correction buying pressure scenario and ranging between 1.1000 and 1.1500 levels.
The market Still trading above 1.1050 level after pushing the price to turn to rise again. Therefore, and break 1.1300 areas as a first main target, noting that breaching this level the market will continuing the bullish trend to the next target at 1.1400 then 1.1500, while the expected rise will remain valid unless breaking 1.1050 level. That stop the suggested bullish trend scenario if closed below 1.1050 level again, so we for the upcoming period as a correction phase and waiting a re-test for the major support which were broken out on the last weeks ( 1.0950 , 1.0800).
On the longer-term view : the market on the down trend driven by a lot of factors ; moreover , a levels below 1.04s is expected and parity exchange rate would be in the next half of 2015.
Daily Trend: Down
Weekly Trend: Down