6 Feb 2014
GBP/USD steady ahead of BoE decision
FXStreet (Córdoba) - The GBP/USD is consolidating in a narrow range Thursday as investors await the Bank of England policy decision, with most analysts expecting the BoE to take no action today.
The GBP/USD settled in a range around 1.6300 after the bounce from a 3-week low of 1.6250 scored yesterday was capped by the 1.6330 zone. At time of writing, the Cable is trading at the 1.6290 zone, 0.1% below its opening price.
GBP/USD technical outlook
"After reaching new minimum, Pound is consolidating. We think, today price may form ascending structure to break this consolidation channel upwards and then continue growing up towards target at level of 1.6680", said Igor Sayadov, analyst at RoboForex.
The GBP/USD settled in a range around 1.6300 after the bounce from a 3-week low of 1.6250 scored yesterday was capped by the 1.6330 zone. At time of writing, the Cable is trading at the 1.6290 zone, 0.1% below its opening price.
GBP/USD technical outlook
"After reaching new minimum, Pound is consolidating. We think, today price may form ascending structure to break this consolidation channel upwards and then continue growing up towards target at level of 1.6680", said Igor Sayadov, analyst at RoboForex.