GBP/USD: ahead of the BoE
GBP/USD is trading under pressure on Wednesday ahead of the BoE quarterly inflation report, testing the levels below $1.5300. Markets expect the BoE to announce further details on the implementation of forward guidance and the adoption of specific thresholds to determine the UK monetary policy. Marc Carney starts to speak at 9:30 GMT.
Yesterday the bulls pushed the pair up to $1.5390 (61.8% Fibo), but failed to fix there. The pair is now forming a kind of an evening star formation. Sell orders are clustered at $1.5390/1.5400 and $1.5435, will buyers are seen around $1.5260, $1.5240 and $1.5200.
Chart. H1 GBP/USD