Forex: GBP/USD unchanged ahead of BoE meeting

FXstreet.com (San Francisco) - GBPUSD is holding steady and unchanged below the 1.6000 level ahead of the Bank of England policy announcement later today; there is a strong market consensus that the central bank will leave policy settings on hold, with interest rates at 0.5% and the AP program at £375bn.

For the past few days, the pair has been consolidating around the mentioned figure, and, according to Valeria Bednarik, Chief Analyst at FXstreet.com, "Key levels to watch, stand at 1.6020 to the upside, and 1.5950 to the downside, as a break of either, will likely set the intraday trend," she says in an earlier analysis of GBPUSD. The analyst also notes that her intraday technical outlook favors the downside. Farther to the upside lies key retracement resistance at 1.6060 (23.6%, 1.5266/1.6308), while below lies support at 1.5910 (38.2%); below there, the 200-day EMA offers support at 1.5880.