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Pound hawks are eagerly awaiting today's BOE minutes after BOE governor provided plenty of signs that the central bank is getting closer to its first hike.
BOE minutes will both be released at 8.30 am GMT. Pound is trading around 1.56 this morning. Key support lies at 1.544 area and resistance at 1.572.
Trade idea -
- Two forces are at play here in GBP/USD pair.
- Short term trade forces are likely to push pound higher against dollar to trade around 1.59 is support at 1.53 holds.
- On the other hand there is an interim ultra-short term force at play due to dollar strength, which might force the pair to correct around 1.54, if resistance at 1.567 holds.
However pound is likely to remain well-bid against Euro and Yen.
What to watch out for in the Minutes-
- Market will try to assess, which way the monetary policy tilting to. Expectation is to be on the side of hawks.
- Major focus will be on votes. As of this meeting, BOE is expected to be unanimous in supporting current policy, however it can't be completely ruled out that there may be some hawkish members voting for immediate rate hike.
- Presence of any hawkish member could be very bullish for pound, whereas neutral could be bearish for intraday.
