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Forex Flass: BoE will 'probably' do nothing – Societe Generale

“The UK’s MPC will ‘probably’ do nothing to either policy rates or the extent of gilt buying,” says SG analyst Kit Juckes, referring to upcoming BoE meeting at 12:00 GMT today. “If they do anything, it will be increase gilt purchases by by a further GBP 25bn. There will be no press conference, so it’s a bit binary,” adds Kit.

With latest FT article suggesting more easing is in the pipeline, Cable broke below previous 2013 lows printing a fresh one at 1.4964, in what is already a “crowded trade,” the analyst says, suggesting: “At the bare minimum, GBP bears should keep their stops tight,” he concludes.

Session Recap: BoJ holds steady; Cable prints fresh lows

As one could anticipate, the forex market went through a session of semi-quiet transition as traders remain sidelined awaiting for the central bank monetary policy decisions in Frankfurt (ECB) and London (BoE).
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Forex Flash: GBP/JPY still in uptrend - JPMorgan

Despite the falls of 147.00 in mid February, GBP/JPY "remains in a well established uptrend as long as key-Fib.-support between 139.47 and 137.61/136.84 (int. 38.2 % on 3 scales) and pivotal support at 133.49 is defended" the JP Morgan currency strategist Paul Meggyesi notes.
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