GBP/USD Price Forecast – British Pound Gets Hammered After Bank of England

The British pound has gotten hit rather hard during the course of the trading session on Thursday as the Bank of England has decided not to raise interest rates. That being said, it still looks as if they probably will sometime in the next few months, although the market had been trying to price in some type of hike. The question now is whether or not 1.35 can hold the line? We do have the jobs number coming out on Friday, so I would anticipate a lot of noise, but I am still looking for some type of signal to get long of this market. That being said, the market is likely to see choppy behavior over the next 24 hours as we have the jobs number coming out.

GBP/USD Video 05.11.21

At this point, I think we need to wait until the end of the week to put money to work, just simply because we have the central bank noise right along with the jobs number on Friday. With this being the case, the market is likely to see a lot of back and forth nonsense as liquidity will disappear for a short amount of time. Ultimately, I will have much more to say once the Friday session closes, but I think it is simply a matter of whether or not we are above the 1.35 handle or not. That being said, it should be noted that although the candlestick is rather negative, it is not nearly as negative as you would have expected.

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