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Forex: GBP/USD around 1.5545/50, BoE eyed

FXstreet.com (Barcelona) - After Wednesday’s bull run, the sterling quickly left behind the 1.55 barrier and climbed to the boundaries of 1.56, albeit running out of steam afterwards. Today, the pound is following its European counterpart, gyrating around the mid 1.55s ahead of the BoE MPC gathering.

“The recent data have been stronger than expected and this has boosted economists' conviction that the MPC refrain from cutting rates or resuming its gilt purchases”, commented Marc Chandler, Strategist at BBH. Regarding the sterling’s price action, the expert added, ”On balance, we suspect it can rise toward $1.58. A move below $1.54 would undermine this constructive outlook”.

As of writing, the cross is up 0.03% at 1.5540 facing the next resistance at 1.5591 (low Feb.6) ahead of 1.5675 (low Jan.28).
On the downside, a break below 1.5412 (low Apr.11) would bring1.5075 (low Feb.25).

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