GBP/USD declined on Monday as sterling was weighted down ahead of Thursday's first Bank of England meeting of 2017. The BoE is widely expected to revise up its short-term growth and inflation forecasts following reassuri…
GBP/USD declined on Monday as sterling was weighted down ahead of Thursday's first Bank of England meeting of 2017.
The BoE is widely expected to revise up its short-term growth and inflation forecasts following reassuring recent UK data, but the uncertainty surrounding soon-to-start Brexit negotiations is expected to keep it cautious.
Further upside for this pair is expected to be limited as strong resistance level at 1.2663 is set to limit upside and bring decline towards lower levels I the short term.
To the upside, immediate resistance can be seen at 1.2573, a break above this level would expose the cable to next resistance level at 1.2600 levels.
To the downside strong support can be seen at 1.2481, a break below at this level will open the door towards next level at 1.2414.
