FX.co ★ Trading idea for GBP/USD

There is a lot of important news from the UK today, but particular attention should be paid to the Bank of England's interest rate decision at 11:00 UTC.

Considering that GBP / USD already declined amid hawkish statements from the Federal Reserve, there is a chance that pound will plunge further if upcoming reports turn out weaker than expected. To be precise, the pair may trade below 1.35700

Thus, it would be best to refrain from taking long positions, at least until there is a false breakout at 1.37. Obviously, GBP / USD is bearish, so short positions are more profitable at the moment.

This analysis is based on Price Action and Stop Hunting strategies.

Good luck and have a nice day!