FXStreet (Edinburgh) – The sterling is extending its consolidative pattern in the upper-1.53s vs. the greenback, with GBP/USD gyrating around 1.5385/80.
GBP/USD all the focus on the BoE
The pair remains on the back footing after being rejected from Monday’s tops near the 1.5500 handle, giving away gains in response to the re-emergence of the bid tone around the US dollar.
The pound will take centre stage later in the session, in light of the BoE MPC meeting and subsequent minutes, all preceding the BoE’s Inflation Report and the speech by Governor M.Carney.
GBP/USD levels to watch
At the moment, the pair is down 0.02% at 1.5382 with the immediate support lines up 1.5349 (200-day sma) ahead of 1.5317 (38.2% Fibo of 1.5659-1.5106) and then 1.5231 (6-month uptrend). On the other hand, a break above 1.5448 (61.8% Fibo of 1.5659-1.5106) would open the door to 1.5478 (downtrend from 1.5820) and finally 1.5513 (high Oct.15).
(Market News Provided by FXstreet)