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Forex pairs in this Article » GBP/USD (Edinburgh) -The sterling is trading in a flat-line pattern on Wednesday, with the GBP/USD extending the overnight congestion just below the 1.5900 handle.

GBP/USD focus on the BoE, jobs data

The main event for the sterling today will be the BoE’s Quarterly Inflation Report and the labour market results. Prior surveys expect the Claimant Count to drop by 35K and the ILO Unemployment Rate to stay put at 7.7% in the three months ended in September. “ It’s far too early for the BoE to make any broad changes to its forward guidance policy, so that should remain intact… Overall, Carney has shown little desire to push back on market pricing with the economy steaming ahead and we see little reason for him to start today”, noted Annette Beacher, Strategist at TD Securities.

GBP/USD levels to watch

As of writing the pair is losing 0.07% at 1.5895 with the immediate support at 1.5854 (low Nov.12) ahead of 1.5844 (50% of 1.5427-1.6260) and finally 1.5776 (low Sep12). On the upside, a breakout of 1.5992 (high Nov.12) would bring 1.6000 (psychological level) and then 1.6007 (MA10d).
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