GBPUSD trading plan:
The Bank of England unexpectedly cut interest rates by half a percent. Members of the BoE’s Monetary Policy Committee voted to cut Bank Rate for the first time since August 2016, to 0.25% from 0.75%, the central bank said in a statement. The BoE maintained its target for government bond purchases to 435 billion pounds and its corporate bond purchase target to 10 billion pounds.
The BoE also introduced a new term funding scheme for small businesses. It will offer four-year funding over the next 12 months. This is a negative signal for the British currency!
Trading recommendation:
Sell 1.2825 and take profit 1.2785.
