- GBP/USD broadly rangebound on the day as markets await BoE policy decision and the accompanying minutes
- The pair weakened in the European session, breached 200-DMA located at 1.5352 and fell as low as 1.5338, later edged higher to currently trade at 1.5367
- No fireworks expected from the Bank of England today, expectations are for the policy to remain unchanged, minutes are expected to show 8-1 split on interest rates
- Markets will be particularly interested in any discussions relating to the recent market volatility and how it might feed through to medium-term UK inflation
- Immediate support for cable is located at 1.5350 (20-DMA), under which the spot could drop to 1.53 levels On the other side, resistance is seen at 1.5377 (21-HMA) and further at 1.54 levels
R3: 1.5415 (38.2% of 1.5820 - 1.5164)
R2: 1.5404 (Daily High Sep 9)
R1: 1.5377 (21-HMA)
Support Levels:
S1: 1.5350 (20-DMA)
S2: 1.5321 (10-DMA)
S3: 1.5288 (100-HMA)
