Forex Market: GBP/SEK daily trading forecast

Yesterday’s trade saw GBP/SEK within the range of 11.5040-11.6411. The pair closed at 11.5225, losing 0.94% on a daily basis.

At 8:12 GMT today GBP/SEK was up 0.02% for the day to trade at 11.5243. The pair touched a daily high at 11.5509 during early Asian trade.

Fundamentals

United Kingdom

Bank of England minutes

At 9:30 GMT Bank of England (BoE) is to publish the minutes from its most recent meeting on policy. Released two weeks after the meeting itself, the minutes provide a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Monetary Policy Committee (MPC). On November 6th 7 members of the Committee probably voted in favor of keeping the benchmark interest rate unchanged, while 2 members probably supported a rate hike. In addition, all 9 members of the Committee probably voted to keep monetary stimulus unchanged. In case the central bank demonstrates a hawkish view in regard to inflation pressure in the UK, this heightens the probability of an interest rate hike, which usually has a positive effect on the pound. A dovish view, on the other hand, has the opposite effect.

Bank of England inflation and growth forecasts

The central bank revised down its economic growth forecasts by 0.2% for 2015 and 2016 to 2.9% and 2.6%. The bank kept its growth projection for the current year, according to which UK economy will probably expand 3.5%.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 11.5559. In case GBP/SEK manages to breach the first resistance level at 11.6077, it will probably continue up to test 11.6930. In case the second key resistance is broken, the pair will probably attempt to advance to 11.7448.

If GBP/SEK manages to breach the first key support at 11.4706, it will probably continue to slide and test 11.4188. With this second key support broken, the movement to the downside will probably continue to 11.3335.

The mid-Pivot levels for today are as follows: M1 – 11.3762, M2 – 11.4447, M3 – 11.5133, M4 – 11.5818, M5 – 11.6504, M6 – 11.7189.

In weekly terms, the central pivot point is at 11.6530. The three key resistance levels are as follows: R1 – 11.7435, R2 – 11.9137, R3 – 12.0042. The three key support levels are: S1 – 11.4828, S2 – 11.3923, S3 – 11.2221.