FXstreet.com (San Francisco) - GBP/USD is practically motionless ahead of today’s release of Bank of England (BoE) Minutes from the August 2 policy meeting, operating within a tight 15-pip range, capped below the 100-day EMA.
Yesterday, the UK reported a higher than expected July CPI, rising 2.6% YoY from June’s 2.4%. “It remains in the BoE’s 1-3% target band and we see no implications for policy in this result,” says Rabobank.
“In the 4 hours chart the slightly bullish tone seen on previous updates remains in place, as price holds above a bullish 20 SMA offering dynamic support around weekly low of 1.5655, still the key level to break to see a stronger bearish movement,” notes Valeria Bednarik, Chief Analyst at FXstreet.com.
The analyst adds: “Indicators in the mentioned time frame hold in positive territory although turning south and confirming the bearish outlook is the mentioned low gives up.”
Yesterday, the UK reported a higher than expected July CPI, rising 2.6% YoY from June’s 2.4%. “It remains in the BoE’s 1-3% target band and we see no implications for policy in this result,” says Rabobank.
“In the 4 hours chart the slightly bullish tone seen on previous updates remains in place, as price holds above a bullish 20 SMA offering dynamic support around weekly low of 1.5655, still the key level to break to see a stronger bearish movement,” notes Valeria Bednarik, Chief Analyst at FXstreet.com.
The analyst adds: “Indicators in the mentioned time frame hold in positive territory although turning south and confirming the bearish outlook is the mentioned low gives up.”
