Greetings Everyone, and Welcome to Wednesday!
We prepare for the Bank of England Minutes to be released, as we look for any additional signs of increased Stimulus since they failed to do their “Allocated Increase” of 25B Sterling in additional Asset Purchases.
The Markets will be especially watchful for any Rhetoric or Indications of a “Timeline” of if and when this will occur…as well as the “possibility” of additional Policy since the BoE does have their “Eye on the Inflationary Ball” with its very sensitive Economy of late.
In addition, we will certainly watch the EIA Crude Inventory Builds Data Release as well… since Crude has been an interesting “Leading Indicator” of sorts… at lease concerning Sentiment in the last few weeks.
Let’s have a look at The Queen again… as well as GBP/JPY… where we already notice a literal “Grinding Halt” to Price Action on both Units ahead of The Minutes.
Here is The Hourly… where our Levels are basically unchanged from our earlier Update… as Price looks to hold the 1.6380’s Transitive Rollover Support Area in the Immediate-Term.
Give The Capture a Click, and Post-Time is 2:45 GMT.
Pound Yen is seeing very similar Price action as well… as Price looks to hold the 153.20’s/00 Handle in the Immediate-Term. We are already seeing continuation of the Yen Strength, as the Unit is off about 66 Pips or so for the Day already in “relative” terms.
A Breach of the Area will see the 152.30’s with ease for another “Re-Test” to form an Hourly Double-Bottom in the Near-Term if the Area holds.
We will surely check in with these Developments as we progress, so please stop back by frequently for more Updates… as I always look forward to all of your Visits!
