The GBP/USD pair trades flat around 1.4400 as investors are waiting for the outcome of the Bank of England economic policy meeting. The BOE is largely expected to maintain its current stance unchanged, which means that market's attention will center then in the Minutes of meeting and in any change in the voting. For the most, no surprises are expected, and a mild dovish tone is already priced in, which means there are high chances of having a non event.
Anyway, Pound's self weakness has resulted in a steady 600 pips decline in the pair during the past two weeks, and the risk of a stepper upward corrective movement has increased, which means that a slightly optimistic announcement could see the Pound overreacting, advancng sharply.
Technically, the 4 charts maintains the bearish tone seen on previous updates, with the 20 SMA still heading lower above the current level and acting as a dynamic resistance around 1.4460, and the technical indicators presenting mild bearish slopes near oversold territory. Above the level, the rally can extend up to 1.4500/20 where selling interest is expected to halt the advance.
A decline below 1.4390 on the news, on the other hand, should see a quick slide towards the weekly low set at 1.4350, while below this last, 1.4310 comes as the next probable bearish target.
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