Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.

The British pound/U.S. dollar (GBP/USD) currency pair has remained largely supported after the Bank of England’s policy decision on Thursday. The BoE decided to keep interest rates unchanged last week but the meeting was nonetheless seen as being hawkish since three MPC members voted for a rate hike rather than just the two expected. The pound rallied sharply on that day and it eked out a gain on Friday even if it closed off its best levels.

Despite news that the UK inflation climbed its highest rate since March 2012, the GBP/USD initially dropped to its lowest level since 28th November.

The pound came under pressure following this morning’s publication of key UK economic data, although the losses were limited as Mark Carney, the Bank of England Governor, reiterated that an interest rate rise was on the horizon.

The British pound/U.S. dollar (GBP/USD) currency pair has recovered strongly during the past three months, but based on structure and personality of a bounce we assume it can be a corrective move.

Cable found some support in the last few sessions near 1.3850 where wave 3) might have finally completed its extended structure from 1.4580.

Viacom Inc, the owner of MTV, Comedy Central and Nickelodeon, reported weaker-than-expected quarterly revenue on Thursday, largely due to a lack of hit movie releases.