GBP/USD calm awaiting the BoE

By FXstreet.com | August 07, 2014 AAA

FXStreet (Córdoba) - The GBP/USD continues to oscillate within its recent range, unable to pick up momentum ahead of the Bank of England monetary policy decision.



The Bank of England is expected to keep both its key interest rate and the amount of the bond-purchase program unchanged for another month, and will likely turn into a non-event for the Cable in the absence of surprises.



The GBP/USD currently trades at the 1.6840 zone, 0.08% below its opening price, although from a wider view the pound has so far managed to cling to positive ground for the week after 4 consecutive losses.



GBP/USD technical perspective



“The outlook here remains bearish below 1.6895 resistance, for a break through 1.6805 low, en route to 1.6690 support zone”, said Stoyan Mihaylov, analyst at DeltaStock.com.



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