AnalysisMarket OverviewBOE HIKES INTEREST RATES BY 50 BASIS POINTS

BOE HIKES INTEREST RATES BY 50 BASIS POINTS

Bank of England has increased the interest rates from 4.75% to 5%, the highest since 2008 May.

The monetary policy committee aims at controlling the inflation rate in the united kingdom, which is higher than in the USA. USA’s inflation rate for the month stands at 0.1% while UK’s inflation rate is 0.7% and USA’s interest rate is at  5.25% while for UK’s is at 5%.

The interest rate decision has seen GBPUSD rally up to above the 1.28250  mark this is after the inflation date was released yesterday plunging GBPUSD to below the 1.27100 mark.

UK inflation rate for the month of May was 0.7% previously 1.2%.

In my opinion, the GBPUSD direction is not well defined and day traders should be patient for a better entry point.

MORRIS-JACOB-WAWERU-GITHUKU65
MORRIS-JACOB-WAWERU-GITHUKU65
I have 3 years of experience in forex and crypto trading, having worked with Moneta markets forex broker, BITMARKET cryptocurrency broker and currently working with HFM as an introducing broker. Day trading sits well with me since I find it more lucrative and obeys my trading strategy. I trade during the London and New York sessions pair USDJPY, EURUSD, and AUDUSD. linkedin.com/in/morris-jacob-90911817a
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