Dollar surged in price, following the Fed's interest rate decision and press conference yesterday. But today, the Bank of England will announce its interest rate decision, and there's an expectation of a rate hike.
From a technical standpoint, GBP/USD hit the May low and could potentially experience a long correction.
This means that there may be an upward movement during the announcement of the Bank of England's decision on rates, so traders better consider long positions, with stop-loss placed at the daily low and take-profit set upon the breakdown of 1.24234.
This trading idea follows the framework of the "Price Action" and "Stop Hunting" strategies.
Good luck in trading and don't forget to control the risks! Have a nice day.