The previously published analysis has developed both potential bullish patterns (H&S and ABCD). It will be interesting to watch the daily closing and follow the next swing (updates Chart below).
Part I
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Later, we will publish 2 potential scenarios....
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The pound was on track for weekly advances against most major peers ahead of the Bank of England’s policy decision, even though the prospect of near-term monetary tightening has been dimmed by lackluster economic data. Sterling held its weekly gain versus the dollar, with the BOE due to announce its decision on interest rates and release the quarterly inflation report on Aug. 3. The market-implied probability of a rate increase by year-end has fallen to 34.5 percent, from 41.4 percent before a July 26 report that showed growth held near a one-year low in the second quarter. The gross domestic product figures released Wednesday would seem to be a victory for the doves on the central bank’s Monetary Policy Committee and our economists expect both the GDP and inflation profiles in the August report to both be revised lower.
ready 4 short @ 1.3320
1. TP 1.3120
2. TP 1.2818
3. TP 1.2731