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Hi Everyone!
With an expected Clip of .50 Basis-Points by the Bank of England from the current 1.50% Rate down to 1.00% …, (with talk of maybe even a .75 basis-point Cut) …the British Pound has a few criteria to contend with!
(P.S….My apology for those who received today’s FXstreet European Newsletter by email…with the incorrect Interest Rate of 1.25% instead of the correct 1.50%….. the CVJ Fan Club Guys were threatening a Coup d’etat to overthrow The Queen!…so I was a little nervous while writing the Post… 
The Data Points out of the U.S. today came in with better-than-expected ISM Manufacturing numbers, as well as better-than-expected ADP numbers.
With the continuing “out of favor” Sentiment of the British Pound… how will Her Majesty, The Queen, fair with her “excellent upside swimming” lately in the Channel?
One thing is certain…She will not exactly beat Michael Phelps in a Swim Meet now, will She!
The Price Appreciation we have seen lately… in my personal view …is purely Technical…having nothing to do with any real outside U.K. Data Points of late.
Can it continue on?…despite the deeply probable Rate Cut out of “Mervyn and the Boys” at the BoE?
You Bet!
The “true Catalyst” here in the immediate short-term will be the accompanying Statement by the BoE going forward…
Let’s have a look at my long-term Weekly preference to examine this “counter-intuitive” thought…
Give the Captures a Click as always, and Post-Time tonight for us is 3:20 GMT.
The Daily gives a bit more insight with some other confluence and congestive Areas…
The Hourly gives us more clarity with these “General” Hawkish and Dovish Areas.
Now…be mindful of these general Areas of Support and Resistance…whether they are behaving Statically or Dynamically.
We will certainly check in with an Update after the Decision is digested, and see where we are.
It will be interesting to see if we reach significant levels on either side…considering the “always-muted Tone” of Price action ahead of Non-Farm Payrolls each month.
Remember…the true “Definers” of these Markets…Institutions, Global Entities, Hedge Funds, Central Banks, etc. are re-positioning the Playing Field already… so Caution is advised moving forward.
We certainly do not know what will take place…nor do we have any expectations as well.
As always…try not to be a Predictor…and strive to be a Reactor.
The Markets will always lead you to where They wish you to be…