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Forex pairs in this Article » GBP/USD (Barcelona) - After dipping to year lows in the vicinity of 1.5565/70, the sterling picked up pace and managed not only to regain 1.5600 but also to climb near 1.5690 overnight.

Ahead of the Quarterly Inflation Report by the BoE, David Song, Currency Analyst at DailyFX, commented that the BoE might lower its growth forecast for the island-nation in 2013 and the inflation figures may navigate above the target for quite some time. "In turn, we may see the Monetary Policy Committee slowly move away from its easing cycle over the coming months, and the central bank may switch gears later this year as it continues to operate under an inflation-targeting framework", the expert added.

At the moment, the cross is losing 0.03% at 1.5659 with the next support at 1.5547 (low Aug.6 2012) ahead of 1.5546 (Lower Bollinger) and then 1.5506 (low Aug.3).
On the flip side, a break above 1.5670 (high Feb.12) would open the door to 1.5725 (MA10d) and finally 1.5810 (high Feb.11).
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