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British Pound Cross Pick 03.09.2011

British Pound Cross Pick 03.09.2011

2011-03-09 15:31:00
David Song, Currency Strategist
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My attempt to buy the GBP/JPY failed to pan out as the pair closed at 133.54 on Tuesday, and I will sit pat ahead of the Bank of England interest rate decision on Thursday as the central bank is widely expected to maintain its current policy in March. In turn, the BoE will certainly refrain from releasing a policy statement, but currency traders may show a bullish reaction to the rate decision given the ongoing shift within the MPC. As market participants speculate the central bank to normalize monetary policy over the coming months, the rise in interest rate expectations should prop up the British Pound going forward, and the short-term rebound in the GBP/JPY may gather pace as the 50-Day SMA (131.79) looks poised to cross back above the 200-Day SMA at 131.99. In turn, I will look for another opportunity to buy the pound-yen, and may trade the BoE interest rate decision as interest rate expectations gather pace.

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