The British Pound holds to its latest gains, consolidating a handful of pips below the 1.5200 level against the greenback ahead of the Bank of England economic policy decision. Just released, the UK Trade balance showed that the deficit on trade in goods and services was estimated to have been £4.1 billion in October 2015, a widening of £3.1 billion from September 2015, but hardly affected the GBP/USD pair.
The Central Bank is largely expected to maintain its rates and the APP unchanged, which means that investors will be following Carney's words to determinate whether this latest Pound's rally can extend.
Technically, the 4 hours chart shows that the pair has held above the daily descendant trend line coming from 1.5496 broken yesterday, and a few pips above its 200 EMA, confined to a tight range, but overall positive. In the same chart, the technical indicators have stabilized well above their mid-lines, although they lack upward strength at the time being. The immediate resistance comes at 1.5220, and if broken, the pair can rally up to 1.5260/70 with a hawkish tone.
Below 1.5150 on the other hand, the pair will likely extend its decline down to the 1.5100 region, whilst a downward acceleration below this last can see the pair returning to the 1.5030/50 price zone.
View the live chart of the GBP/USD
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