20 Nov 2013
GBP/USD flat near 1.6130
FXstreet.com (Edinburgh) - The sterling is trading almost unchanged on Wednesday, with the GBP/USD now hovering over the area of 1.6135/30 ahead of the BoE minutes.
GBP/USD eyes on BoE
The release of the BoE minutes will be the main event in the UK today, with market consensus expecting a repetition of the recent voting patterns favouring the current status quo in both the asset purchase facility and the refi rate – at £375 billion and 0.5%, respectively. I light of this event, Currency Analyst Lee Hardman at BTMU said the minutes “are expected to echo the policy message from the press conference which accompanied the release of the QIR, and as such should have little impact upon the pound today. Governor Carney has been keen to stress that the first rate hike may not occur as soon as the 7.0% unemployment threshold is met”.
GBP/USD critical levels
At the moment the pair is up 0.01% at 1.6127 and a break above 1.6143 (high Nov.20) would open the door to 1.6163 (76.4% of 1.6258-1.5854) and then 1.6207 (high Oct.28). On the flip side, the initial support aligns at 1.6104 (low Nov.20) followed by 1.6065 (MA30d) and finally 1.6060 (low Nov.19).
GBP/USD eyes on BoE
The release of the BoE minutes will be the main event in the UK today, with market consensus expecting a repetition of the recent voting patterns favouring the current status quo in both the asset purchase facility and the refi rate – at £375 billion and 0.5%, respectively. I light of this event, Currency Analyst Lee Hardman at BTMU said the minutes “are expected to echo the policy message from the press conference which accompanied the release of the QIR, and as such should have little impact upon the pound today. Governor Carney has been keen to stress that the first rate hike may not occur as soon as the 7.0% unemployment threshold is met”.
GBP/USD critical levels
At the moment the pair is up 0.01% at 1.6127 and a break above 1.6143 (high Nov.20) would open the door to 1.6163 (76.4% of 1.6258-1.5854) and then 1.6207 (high Oct.28). On the flip side, the initial support aligns at 1.6104 (low Nov.20) followed by 1.6065 (MA30d) and finally 1.6060 (low Nov.19).