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GBP/USD sidelined below 1.54, BoE eyed

FXStreet (Edinburgh) - The sterling is extending its consolidative pattern in the upper-1.53s vs. the greenback, with GBP/USD gyrating around 1.5385/80.

GBP/USD all the focus on the BoE

The pair remains on the back footing after being rejected from Monday’s tops near the 1.5500 handle, giving away gains in response to the re-emergence of the bid tone around the US dollar.

The pound will take centre stage later in the session, in light of the BoE MPC meeting and subsequent minutes, all preceding the BoE’s Inflation Report and the speech by Governor M.Carney.

GBP/USD levels to watch

At the moment, the pair is down 0.02% at 1.5382 with the immediate support lines up 1.5349 (200-day sma) ahead of 1.5317 (38.2% Fibo of 1.5659-1.5106) and then 1.5231 (6-month uptrend). On the other hand, a break above 1.5448 (61.8% Fibo of 1.5659-1.5106) would open the door to 1.5478 (downtrend from 1.5820) and finally 1.5513 (high Oct.15).

EUR/GBP back in the red, around 0.7060

Having faced rejection at daily pivot in last hours, the cross in EUR/GBP fell back in the red zone following the release of weak Euro zone retail sales data.
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