GBP/USD stabilizes ahead of FOMC minutes

By FXstreet.com | Updated August 20, 2014 AAA

FXStreet (Córdoba) - The GBP/USD has entered a consolidation phase during the central banks minutes' recess, having spent the last hours in a tight range around 1.6650.



The Cable rallied from fresh multi-month lows to a high of 1.6678 after the BoE minutes showed the MPC vote was split, with 2 members pushing for a rate hike. However, the pair settled in a range afterwards as investors attention turns now to the Fed, which will also release latest meeting minutes later today. At time of writing, the GBP/USD is trading at 1.6646, still up 0.19% on Wednesday.



GBP/USD technical outlook



"The slide has reached a local low at 1.6599, but current rebound should be considered corrective in nature, preceding next leg downwards, to 1.6550", said Stoyan Mihaylov, analyst at Deltastock. "Key intraday resistance lies at 1.6654".



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