GBPUSD: Bearish But Around Critical Support Ahead Of BoE Meeting Minutes…
The GBPUSD remains in a pullback mode as long as trades below 1.3151/1.3055 levels on a daily closing basis, and further down couldn’t be ruled out. But the corrective pullback below 1.3150 should be contained well by 1.2988 levels. On the other hand; A sustained break -daily closing- below that level will bring a strong bearish move to 1.2895 level. Further down, support comes in the 1.2840/1.2785 levels.
On the upside, resistance comes at 1.3055/1.3118 levels ahead of 1.3151 levels. A daily closing above that level is needed to prevent a return to the downside. If seen it will target the 1.3210 level. Furthermore, it will extend the bullish move to 1.3275 levels.
In conclusion: The GBPUSD sees corrective pullback threats below 1.3150 levels.
Support: 1.2988, 1.2895, 1.2840, 1.2790, 1.2705
Resistance: 1.3055, 1.3118, 1.3150, 1.3210, 1.3275
Key data/events which may affect GBPUSD today:
- Bank of England Interest Rate Decision (Jan) at 12:00 GMT. Followed by BoE Gov Carney Speaks at 12:30 GMT. The Bank of England is expected to keep rates on hold at its meeting on Thursday. Volatility is expected.
- The U.S will release advance fourth-quarter GDP figures on Thursday at 13:30. The forecast is to grow at a rate of 2.1%.