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Strategy Video: GBPUSD Ready for a Breakout on BoE Report

Strategy Video: GBPUSD Ready for a Breakout on BoE Report

Research, Research Team

Talking Points:

• The BoE Quarterly Inflation Report (due at 9:30 GMT) gives critical insight into the bank's forecasts

• Rate expectations for the UK and pound have surged, putting the currency at risk of 'disappointment'

• There is far greater fall out to a scenario where the BoE remains dovish on its policy regime

Join Christopher Vecchio as he covers the BoE report's market impact live. See what events DailyFX analysts will be covering through the week on the DailyFX Webinar page.

The Bank of England's Quarterly report is due in the London session, and its release could prove the trigger for a significant GBPUSD breakout. This report offers an update to growth and inflation expectations from the group that will be used to establish timelines for the central bank's first rate hike and pace of subsequent moves. The market already has its bias - the sterling has surged with GBPUSD and via other crosses. That leans creates an uneven impact depending on the outcome of the event. What should we look for in this event? Which scenario is more market moving? What pound-based pairs are best positioned? We discuss this in today's Strategy Video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.