Forex: GBP/USD peels back to 1.59 ahead of BoE Minutes

FXstreet.com (San Francisco) - After posting a 4-day win streak, GBPUSD is under some selling pressure this Wednesday, now quoted at 1.5905, down from late US trade at 1.5924. "The GBPUSD bounce from the bottom of the daily descendant channel develops way too slowly, which suggests market is still not ready to buy GBP," says Valeria Bednarik, Chief Analyst at FXstreet.com. "In the 4 hours chart the upside is also favored according to technical readings, as long as 1.5850 now limits slides." Below the mentioned low, further levels of support are noted at 1.5820 (Nov 15 low) and 1.5787 (50%, 1.5266/1.6308 advance). Bullish movements may target 1.5955 (Nov 5 low), 1.5975 (Oct 9 low) and 1.6000 (figure).

Today's Bank of England minutes will be key event risk for GBP this week after the central bank hit the 'pause' button on QE this month; the voting makeup is expected to give clues as to the outlook for policy.