Forex: GBP/USD quiet below 1.6270, awaiting BoE Minutes

FXstreet.com (San Francisco) - Pound advanced against the greenback for a third day Tuesday, and has since traded a very limited range in Asia, last at 1.6260. "Despite overextended, indicators head higher also in the 4 hours chart, suggesting a break above [1.6270] may see the pair extending towards 1.6308 this year high," says Valeria Bednarik, Chief Analyst at FXstreet.com.

The analyst identifies next bullish target at 1.6345. Sellers may find support at 1.6230, 1.6195 and 1.6140. The BoE Minutes from the 6 December policy meeting is on offer in the European session ahead and will hold headline risk for GBP, where markets will be searching for the outlook for relative monetary policy.

From Ian Copsey, Market Analyst at Harmonic Elliott Wave: "... we do seem to be in the last leg of this rally that should now reach the 1.6299 projection. Look for this to cap and provoke a correction back to the 1.6220-40 area from where the uptrend should resume."