GBP/USD Prepares For A Short-Term Breakout Ahead Of BOE Decision
FxGrow | May 12, 2016 04:12AM ET
The GBP/USD is preparing for a short-term breakout ahead of BOE decision
The GBP/USD gained momentum after breaking the strong resistance level 1.4460. The GBP/USD is searching for a recovery as it is heading into the Bank of England (BOE) quarterly meeting today. The GBP/USD has the opportunity to scope higher on rising expectations that the BOE is unlikely to change monetary policy and breaking 1.4460 triggers an upward move toward next resistance levels 1.4490 and 1.4535.
However, the BOE is going to release its quarterly inflation report that has a great impact on bank decision thus putting pressure on the pound and cutting 1.4400 opens a bearish leg to reach 1.4375 and 1.4345 respectively.
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