• GBP/USD edged lower on Tuesday as investors turned cautious ahead of a series of speeches from Bank of England officials.
• BoE Governor Andrew Bailey, Deputy Governor for Financial Stability Sarah Breeden, Monetary Policy Committee (MPC) member Catherine Mann, and external MPC member Swati Dhingra are set to appear before the UK Parliament’s Treasury Committee at 09:15 GMT on Tuesday.
• The testimony comes at a critical time, as investors look for fresh guidance on the Bank of England’s monetary policy outlook amid persistent inflation and slowing growth.
•Markets will closely watch their remarks for any divergence in views among the policymakers, particularly on the timing of potential rate cuts and the central bank’s assessment of inflationary pressures and economic resilience.
• Immediate resistance is located at 1.3605(23.6%fib), any close above will push the pair towards 1.3681( Higher BB)
• Strong support is seen at 1.3466(38.2%fib) and break below could take the pair towards 1.3349(50% fib).
Recommendation: Good to buy around 1.3500 with stop loss of 1.3430 and target price of 1.3600.
