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Forex pairs in this Article » GBP/USD (Barcelona) - The GBP/USD seems to be biding its time before the Bank of England announces its interest rate decision during the European session.

GBP/USD traders waiting on Bank of England announcement and US data

Traders in the GBP/USD arena will be reacting first and foremost to the Bank of England’s Interest Rate Decision and Asset Purchase Facility announcements. Later in the session, the US data flow will come into play with GDP, Weekly Jobless Claims, Personal Consumption Expenditure data and the US Consumer Credit change.

Technical outlook for GBP/USD

Technicians say that GBP/USD hit its resistance for the most recent short-term up move at 1.6109 Wednesday. Now, the cross is pulling back and has already tested the first Fibonacci retracement line at 1.6066. Below that comes fore Fibo support at 1.6035.
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