 Hello, welcome to this CMC markets trading update with myself Jasper Lawler. So we've just had the Bank of England rate decision. So we're on Thursday at the moment, by the time you're seeing this video, probably got a couple of extra days worth of price action. But really the point of what we're going to get at here is the nature of the decision, why it happened, and how that's going to translate into trading this coming week. Now, looking over to the screen here, do you want to bring your attention to the market calendar? Because there's going to be a fair bit of economic data from the UK next week. And I think one thing that we can take away from this Bank of England meeting is that they obviously weren't willing to cut interest rates purely on the basis of survey data. They actually want a bit more hard economic data to give us some indication as to where the UK economy is at after the EU referendum. So looking at our market calendar here, there's a few things we can do just to kind of make life a little bit easier on the calendar. One thing I'm going to do here is just go to edit on the calendar. And I'm just going to unclick these other countries and leave us just with UK economic data. So we can get all those other things out of the way. I've got the high in the mid selected, that's fine. Done there. And then so by the moment we're just on today, what we can do is make it a week. And then I can just make it the following week, so the week starting the 22nd, which is the one that you will be interested in when watching this video. So as you can see, a fair bit of data, some big headline data, number one being inflation, the CPI. And so really what we want to see here is how inflation has been impacted by this drop in the pound. By default, a drop in the pound is going to be a positive for creating inflation. So obviously a rise in inflation should be a reason for the Bank of England to be a bit more wary about rising interest, about cutting interest rates. Really when you see higher inflation, that would be the time to raise interest rates. Now actually the Bank of England let inflation sit about 5% for around a year, not following the financial crisis and left rates at 0.5%. So a bit of historical precedent to say that's not the case. We've got the various measures of inflation. We've got the unemployment report. And so I want to see whether there's some indication that businesses have already started holding off on employment decisions because of the uncertainty around the votes. Now this data is going to be more pertaining to prior to the Brexit decision, but it will still give the Bank of England a little bit of color onto whether the economy is indeed being impacted by the Brexit. And then following that, we've got retail sales. So this data is coming up throughout the week. And again, it's all just giving us a little flavor as to whether this decision by the Bank of England today to keep rates on hold is going to be continued into August when the next decision takes place. It's only a three weeks time. The difference there is that they are releasing inflation forecasts as well. So it would be a time, a bit more timely, a bit more time for you to come out and when they're making the forecast could be an occasion in which they actually decide to cut interest rates or maybe just some other a bit more creative policy for spurring on the economy. So looking at the charts here, we've got sterling against the dollar, the euro and the yen up on the screen. You can see that we've had a nice pop higher today as Thursday. Again, the picture could look a little different by the time you're looking at it. But the general idea here is that we're seeing a bit of a reversal of the downtrend in sterling. I had highlighted here in the chart forum a few days ago that we had pretty much what was akin to a false break below the 130 level and that it seems like there's some RSI divergence, a small lower low being formed in the RSI here. So the sticklers would say that maybe it's not divergence. As it turns out, what you got to do here is look at the fact that basically there was a very small lower low made close to flat in the RSI, whereas there was a steep lower low made in the price. So there's obviously a shift in momentum here. So what you got to do is look through the specifics of the technical analysis and just try and understand what the actual dynamics are, what it's actually trying to tell us. So here, what it showed us is that the downside momentum slowed and we've seen a big push to the upside now. Obviously triggered today by the Bank of England decision to raise rates. So there's a big line in the sand around 135, which is what we're running into at the moment on sterling against the dollar. And there's a similar line in the sand, I think, on sterling yen, which is this formerly declining trend line underneath the price here, which kind of capped this channel, which we dropped through on the Brexit vote. So in and around that sort of 144, 25 area, I'd say, on sterling yen. And then looking at Eurocable, if this if this increase in value in the pound is to continue into the Euro sterling continue to drop, then this former high from from back in April around 81, 20 would be an area to look at if we can extend this current level of strength. The Bank of England have kind of signalled that August is a possibility for a rate cut. So there's probably only so far this sterling strength can go. But for the moment, you know, all bets are off. It looks like the Bank of England aren't going to get too aggressive. And so that gives sterling, especially when we've got a bit more political stability now, some room to move a bit higher. And so, you know, we've had a good jump so far, possibility of a pullback. But the trend, the overall kind of larger downtrend in cable seems to like it has a bit more room to retrace a bit further. So good luck with trading this week. Pay attention to these these big economic announcements from the UK. And let's see how it impacts cable. Thank you very much. Good luck with trading. Jasper signing out.