The pound dropped on Thursday after the Bank of England mentioned it discussed operational consideration of negative interest rates. Analysts at TD Securities, think cable is likely to remain confined to familiar ranges until fresh catalysts arise. They point out investor’s sentiment should continue to drive GBP’s direction. Key Quotes: “With support at 1.2877 containing the pullback in GBPUSD, at least so far, we are inclined to look for the pair to continue consolidating within familiar ranges over the very near term. Recent tops in the 1.3005/35 zone now seem well-established ahead of a fresh directional catalyst. The same can be said when looking to the downside. Our reading of the tea leaves sees multiple and overlapping layers of potential supports spanning down to the 11 Sept lows at 1.2763. “We think risks are now tilted in favour of a deeper correction in GBPUSD. This comes as the dollar has seen a decent round of short covering in the wake of this week’s FOMC policy decision. While mediumterm dynamics favour a weaker USD overall, positioning considerations could see its recent rebound extend a bit further. Here, for example we will be keeping a close eye on the 1.1696 level in EURUSD. Given that pair’s relative weight and importance in overall FX market direction, we think a push lower may be a signal that a larger USD rebound was underway. This would be amplified, we think, if the pair closed below that point on a weekly basis.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Yet another bounce off the consolidation low for the pair FX Street 2 years The pound dropped on Thursday after the Bank of England mentioned it discussed operational consideration of negative interest rates. Analysts at TD Securities, think cable is likely to remain confined to familiar ranges until fresh catalysts arise. They point out investor’s sentiment should continue to drive GBP's direction. Key Quotes: “With support at 1.2877 containing the pullback in GBPUSD, at least so far, we are inclined to look for the pair to continue consolidating within familiar ranges over the very near term. Recent tops in the 1.3005/35 zone now seem well-established ahead of a fresh directional catalyst. The same can… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.