Surprise Means Profits
Surprise, surprise. The Bank of England raised interest rates by 15 basis points for the first time since the beginning of the crisis. The hike came as a surprise for many market participants and has thus sent the pound surging against other peers. As traders, we were able to catch the big fish in the GBP/USD with our long entry at 1.3270 hitting precisely its profit target at 1.3370 before price reversed.
The European Central Bank will wind down its emergency stimulus as planned in March. As for rate hikes, ECB President Christine Lagarde said that a rate increase in the euro zone isn’t going to happen any time soon. The EUR/USD hit a two-week high at 1.1360 but remained below crucial resistance levels. We profited with our long entry at 1.1310.
We will save our weekly profits and wish everyone a good weekend.
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