STERLING LOOKS TO THE BOE FOR NEXT DIRECTIONAL MOVE
The GBPUSD pair is currently holding well above the 1.3200 level, ahead of the Bank of England interest rate decision and policy statement later today. Sterling continues to print fresh monthly and yearly price highs, with the pair hitting 1.3251 in yesterday's U.S session.
Today's interest rate decision will be accompanied by the BOE's Quarterly Inflation Forecast, along with a press conference and pre-prepared policy statement. GBPUSD bulls will be looking to target the 1.3350 level, whilst pound sellers will look for price to test back towards the key 1.3125 support area.
The calculated daily pivot for the GBPUSD pair is found at 1.3225, which currently coincides with the M5 time frame 200 period moving average.
Key intraday resistance for the GBPUSD pair is found at 1.3250, 1.3300 and the crucial 1.3347 level. Above the 1.3347 level, price may extend towards 1.3400 level.
GBPUSD downside support is found at 1.3190, once below this level price may quickly fall towards the former upside breakout level, found at 1.3125.
Below the 1.3125 level, the weekly and monthly GBPUSD pivot points add further support, at 1.3082 and 1.3094.