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GBP/USD ahead of BoE announcement

The GBP/USD had a volatile session on Wednesday with the market falling as low as 1.512 before bouncing back to form a hammer on the daily chart. With a support base having been formed at this area, we see a temporary stabilisation. At 1.516 at the time of writing, the market started the day on an negative footing before gaining back some of the losses. It looks like the bears do not have enough collective momentum to push the market decisively to the downside. As long as we remain above 1.512 the bias is likely to remain on the upside. Key targets for the bulls to watch sit at 1.5195 and 1.525. With the BoE monetary policy announcement today we expect high volatility and an interesting trading session to look forward to.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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