FX.co ★ Trading plan for 08/02/2018

The main event of the day will be the meeting of the Bank of England on monetary policy. There is virtually no doubt that the refinancing rate will remain unchanged. However, everyone is worried about the timing of the increase in the refinancing rate this year. If the Bank of England declares the possibility of maintaining rates at the current level until next year, then the weakening of the pound will continue. It will pull for itself and the single European currency. However, if it is announced that the rate will be raised during this year, the effect will not be so strong, as it is already included in the pound's price. In turn, in the United States there are data on applications for unemployment benefits, which should show an overall reduction in applications for 6 thousand. The number of initial applications can grow by 2 thousand, and repeated decrease by 8 thousand.

The euro / dollar currency pair continued its downward movement, forming a pulsed candle market, and already near the value of 1.2250 formed a stagnation in the form of double-digit candles of the "Doji" type. Probably assume that the bears will still be able to show themselves, but already near the value of 1.2210 / 1.12180 we will feel temporary support, which will result in a rollback or a flat.

The pound / dollar currency pair reached the level of 1.3840, where it slowed down. Probably assume a temporary bump within the Fibo level of 50% with a deviation of 50 points.