- GBP/USD is trading flat today as there is a lack of catalysts to inspire movement.
- The market is also waiting to see what the Bank of England has to say about recent political developments.
As we head to this weeks BoE meeting GBP/USD is trading flat today.
On Tuesday, GBP/USD didn’t suffer as much as the rest of the USD denominated pairs as a slew of USD strength flushed into the market.
There has been some good news for the pair as the PMI’s have remained relatively strong in the UK.
This week the Bank of England (BoE) are not expected to do much as they are set to be watching the general election and Brexit developments.
GBP/USD does not have much tier-one data today, the Chancellors Autumn budget was due but it has been cancelled as there is no government to deliver it.
The government is busy preparing for the December 12th elections and today the conservative party will deliver their campaign details.
Looking at the chart now, GBP/USD respected the downward trendline on the hourly chart. This does not mean it will not be broken later in the session as it seems most of the other majors are retracing the USD move from yesterday.
The main support level on the downside to watch is the wave low of 1.2859. If this level breaks it could signal some more short term bearishness.
The Stochastic indicator has also started to turn lower but is struggling to cross over. While the MACD histogram is still above the mid-line.
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