The GBPUSD also made indecisive market, formed a Doji on daily chart. Today we will have BoE inflation report that should be an important catalyst to move the market significantly. After decided to continue it’s quantitative easing program to GBP 175b last Thursday, I am expecting a dovish report and Sterling should remains under pressure.
Technically on h1 chart below we can see that the pair is consolidating after significant bearish momentum, moving in rectangle area. A break on either side should give us clearer direction. I am expecting a breakdown and continue the bearish scenario towards 1.4350. However, a breakout to the upside should trigger further upside pullback toward 1.6660 area.