GBPUSD recovers after BOE policy meeting, markets eye EU summit

GBPUSD has shown minor recovery of nearly 40 pips after BOE monetary policy.BOE has kept its rates unchanged at 0.75%. The central bank has downgraded its 2019 economic outlook to 1.2% and also mentioned that Brexit could affect their policy decision. Latest Brexit news shows that EU27 likely to insist on 22 May as extension date compared to Jun 30th the date proposed by May for extension.UK retail sales data released earlier came at slightly better than expected. GBPUSD hits intraday low of

On the higher side near term resistance is around 1.3175 (23.6% fib) and any violation above will take the pair to next level till 1.3220/1.3260/1.3320. it should break convincingly above 1.3380 for further upside.

The near term support is around 1.3100 and any break below will drag the pair till 1.3058/1.3000. Any violation below 1.29600 confirms bearish continuation.

It is good to sell on rallies around 1.3245-50 with SL around 1.3320 for the TP of 1.3000.