GBPUSD is in Bullish Area on Daily Following BoE Release

GBPUSD is in the bullish area on the daily chart on the left. On the right, the hourly EMAs have crossed bullishly. The stochastic still needs to cross up. If it does, a movement to 80 level and maintenance of that level (blue arrow) increases the chance of a successful trade. Trend following indicators may be useful in this case as a potential exit tool. Stop under hourly support in conjunction with risk management techniques. The BOE did raise its inflation forecast, "temporarily reaching 4% in 2021 Q4 and 2022 Q1." This is 1.5% higher than May's forecast. This is expected to moderate over time towards 2%.