FXstreet.com (London) - GBP/USD has not moved significantly this session. Cable was forced downwards in the previous session in investors flight to safe haven assets, which strengthened Dollar and Yen.
Pair is trading sideways in a tight band between 1.5970-1.6001. We see both these bounds as the first barriers the pair will encounter before breaking its current neutral trend. Pair currently quotes at 1.5978.
Focus for sterling will be on Thursdays BoE interest rate decision. While market is broadly expectant on rates to be held firm, any accompanying statement and its tone will be closely watched by investors.
Valeria Bednarik, collaborator at Fxstreet.com, sums up the technical considerations in trading this pair, in this excellent report.