GBPUSD: HARMONIC STRUCTURE IN DEVELOPMENT

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The Bank of England's decision on interest rate cut will be published at 12:00 (BST) on Thursday July 14. The Bank of England is in the spotlight this week because the Monetary Policy Committee (MPC) meets for the first time since Brexit's vote. Since the pound collapsed against the dollar, the doubts about the British Economic Outlook weigh on market sentiment. Governor Mark Carney has suggested that the MPC will announce a new lightening, but there is no certainty about the outcome of the meeting. The Bank will cut rates, will propose new quantitative easing or won't do anything? The decision could have a big effect on the markets, especially on the currency pairs that include the pound and on European equities.

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