Sterling continues to trade just north of 1.31 as GBP traders await meaningful data. US consumer spending data due later on Tuesday could send the pair moving ahead of Thursday’s BoE action. The GBP/USD pairing is trading into 1.3130 ahead of a London market session that sees limited data for the GBP with a key US data release on the docket for later today. Sterling traders are keeping their eyes on the Bank of England’s (BoE) showing on Thursday, where the UK’s central bank is expected by market participants to undergo a 25 bps interest rate hike, but disappointing economic data for the UK recently has left the possibility of a rate hike in unknown territory. On the US side, USD traders will be seeing US consumer spending figures at 12:30 GMT, leaving the GBP/USD’s directional bias for Tuesday in the hands of Greenback traders. GBP/USD Technical Analysis The Sterling is currently leaning towards the bullish side on intraday action, but constraining patterns off of lower highs and higher lows is keeping the major pair trapped in the middle as GBP traders await the upcoming BoE Thursday showing. GBP/USD Chart, 15-Minute Spot rate: 1.3125 Relative change: -0.06% High: 1.3137 Low: 1.3111 Trend: Flat to bullish Support 1: 1.3111 (current day low) Support 2: 1.3070 (previous week low) Support 3: 1.2956 (June 19th swing low) Resistance 1: 1.3151 (current week high) Resistance 2: 1.3212 (previous week high) Resistance 3: 1.3361 (one month high) 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 Japan’s EconMin Motegi: No effort to be spared to aid UK’s TPP entry FX Street 5 years Sterling continues to trade just north of 1.31 as GBP traders await meaningful data. US consumer spending data due later on Tuesday could send the pair moving ahead of Thursday's BoE action. The GBP/USD pairing is trading into 1.3130 ahead of a London market session that sees limited data for the GBP with a key US data release on the docket for later today. Sterling traders are keeping their eyes on the Bank of England's (BoE) showing on Thursday, where the UK's central bank is expected by market participants to undergo a 25 bps interest rate hike, but disappointing economic… 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.
