Chart of the Day – GBPUSD – (August 2nd, 2023)

Ahead of the Bank of England rate decision tomorrow the GBPUSD has slumped to the 1.2700 level, and more specifically channel support at 1.2680. This is a key support ahead of the bank of England rate decision tomorrow. The fall has been fairly aggressive since the 1.3100’s so any rally attempt following a hike (25bps or a 50bps with a dovish slant) may find sellers on any rally towards the 1.2850 level.

Blake Morrow

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