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Forex: GBP/USD retraces morning decline ahead of BoE

FXstreet.com (Barcelona) - GBP/USD has started to retrace its steep overnight and morning decline, ahead of today´s BoEmeeting.

The pair slide sharply this morning from yesterday´s high of 1.5158, to post a low at 1.5033, but has since started to retrace its slump and is currently trading at 1.5071, just below the 38.2% Fibonacci retracement point at 1.5081, from yesterdays high. Today´s daily S1 support can be found at 1.5084, as can yesterdays lows, and may act as short term resistance to spots recovery. Hourly RSI sits at 34, having flattened following its decline. The pending BoE meeting at 12:00 GMT is forecasted to show no change in interest rates and asset purchases.

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