GBPUSD AWAITING RATE DECISION

The British pound is trading around above the 1.3000 level against the US dollar as traders await today’s key interest rate decision from the Bank of England. The GBPUSD pair could fall towards the 1.2840 level if the central bank cuts UK interest rates. If the Bank of England keeps interest rates unchanged the GBPUSD pair could launch a relief rally towards the 1.3170 resistance area.

• The GBPUSD pair is only bullish while trading above the 1.3100 level, key resistance is found at the 1.3170 and 1.3230 levels.

• The GBPUSD pair is only bearish while trading below the 1.3100 level, key support is found at the 1.2910 and 1.2840 levels.