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Forex: GBP/USD testing the 1.5000 level ahead of BoE

The GBP/USD has moved lower Thursday, ahead of the BoE announcements expected later today. The pair has managed to hug the 1.5000 level during European breaking slightly above and below the key region, never straying too far. At the time of writing, the pair is testing 1.5000, incurring a loss of -0.14%.

Investors will be eying the BoE Interest Rate decision (March 7) later today, scheduled for 12:00 GMT that is reiterating 0.5% rates. In addition, the BoE Asset Purchase Facility should help move the GBP/USD with a consensus of £375B.

According to Research Analyst Gareth Berry at UBS, “We remain bearish on the GBP/USD as the pair extends weakness posting a new corrective low. Support is at 1.4949 ahead of 1.4687. Resistance is at 1.5110 should hold any upside.”

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