{"id":77848,"date":"2026-02-04T18:00:42","date_gmt":"2026-02-04T07:00:42","guid":{"rendered":"https:\/\/www.icmarkets.com.au\/blog\/?p=77848"},"modified":"2026-02-04T18:03:35","modified_gmt":"2026-02-04T07:03:35","slug":"trade-cable-on-the-bank-of-england-interest-rate-decision-3","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/trade-cable-on-the-bank-of-england-interest-rate-decision-3\/","title":{"rendered":"Trade Cable on the Bank of England Interest Rate Decision"},"content":{"rendered":"\n<p><br \/><br \/>The Bank of England is due to make its latest interest rate decision early in the London session on Thursday with most market participants anticipating that they will keep rates on hold at 3.75% with the voting from MPC members expected to be more clean cut this time around with just two members expected to have voted for a cut and five to keep rates on hold. Given the unlikelihood of a surprise, most traders are expecting to see moves in Cable on the forward guidance given to the market in Policy Report and Summary and later on in Governor Andrew Bailey\u2019s press conference.<\/p>\n\n\n\n<p>Markets are still pricing in further rate cuts later in the year and traders will be looking to see whether we have a \u2018dovish hold\u2019 from the MPC or a more \u2018hawkish hold\u2019 which should see some strong moves in the currency. The greater risk, and therefore impact would probably come from a \u2018hawkish hold\u2019 given the markets expectations for cuts later in 2026, which would see Cable power north. However, a much more dovish outlook could also see a strong move in the pound that could take Cable lower into recent ranges.<\/p>\n\n\n\n<p>Cable is currently sitting towards the top of recent trading ranges and anything more hawkish could see recent highs just below 1.3900 challenged while a more dovish outlook could see a test of the 200-day moving average on the daily chart currently at 1.3426 come into play. As always though, most traders are expecting the even to be good for at least a 50 pip move in the market.<\/p>\n\n\n\n<p>Resistance 2: 1.4000 \u2013 Key Psychological Level<\/p>\n\n\n\n<p>Resistance 1: 1.3867 \u2013 2026 High and Trendline Resistance<\/p>\n\n\n\n<p>Support 1: 1.3426 \u2013 200 Day Moving Average<\/p>\n\n\n\n<p>Support 2: 1.3271 \u2013 Trendline Support<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2026\/02\/image-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"857\" height=\"385\" src=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2026\/02\/image-1.png\" alt=\"\" class=\"wp-image-77849\" srcset=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2026\/02\/image-1.png 857w, https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2026\/02\/image-1-300x135.png 300w, https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2026\/02\/image-1-768x345.png 768w\" sizes=\"auto, (max-width: 857px) 100vw, 857px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of England is due to make its latest interest [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":77851,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[462],"tags":[],"class_list":["post-77848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/77848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/comments?post=77848"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/77848\/revisions"}],"predecessor-version":[{"id":77850,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/77848\/revisions\/77850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media\/77851"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media?parent=77848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=77848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=77848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}