Currency Analyst since 2010

GBP/USD: daily update

GBP/USD is little changed above $1.6700 ahead of the Bank of England’s meeting. The BOE is expected to keep its policy unchanged. For the third week in a row the pair’s consolidating in a triangle-like fashion.

According to Commerzbank, the pair gives few clues to its further direction: “the Elliott wave counts on the daily, weekly and monthly charts indicate that this is the end phase of the move and we would expect to see the market struggle ahead of the $1.6822 recent high. But for now we remain unable to rule out further stabs higher and currently cannot rule out a move towards $1.7041/51 (although this is not our favored scenario).”

The pair may drift to $1.6660/40 from the current levels. More support is at $1.6585 and $1.6535 (50% Fibo). Resistance lies at $1.6742, $1.6770, $1.6800.

Chart. H4 GBP/USD

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