BoE policymakers are expected to raise interest rates for the fourth consecutive meeting, the first such run since 1997, taking the Bank Rate to 1% from 0.75% now.
The failed test up today around the 1.2368 resistance continues a turn back to short term bear trending action. The British pound is trading at its lows poised for a bear day and close under 1.2520 implies a bear wave to 1.2411 (Double Bottom). Any corrective congestion capped under 1.2368 should bear flag a setup for selloffs. A close over 1.2685 is needed to reject the downturn.
