It’s BoE ‘super Thursday’, and markets are awaiting an interest rate hike for the UK. Outside of today’s central bank action, a lack of movement on Brexit hangs over the GBP/USD. The GBP/USD is trading into the 1.3100 technical level, twisting to the bearish side in early Thursday trading but remaining well within the week’s tightening range as Pound traders buckle down for the Bank of England (BoE) rate call due today. Thursday brings the latest Monetary Policy Statement from the BoE as well as the central bank’s interest rate call, all dropping at 11:00 GMT; a 25 bps rate hike from the BoE has been highly anticipated, but a recent slump in UK economic data has left the odds of a rate hike on the low side, and yesterday’s Markit PMI dropped to 54.0, below the market’s broader expectations and slipping further away from the previous reading, implying a slowdown for the UK could be on the cards for England’s domestic economy. Brexit concerns also remain close to the surface, with trade talks between the EU and the UK continuing to make little progress, despite the official deadline of March 2019 fast approaching and no final deal in sight. Talks are set to resume in mid-August with Prime Minister Theresa May at the helm, taking over Brexit negotiations personally. GBP/USD Levels to watch All eyes are on the BoE for Thursday as broader markets await the will-they-or-won’t-they answer to the UK’s anticipated rate hike, but as FXStreet’s own Valeria Bednarik noted, even a rate hike does materialize and drive the GBP higher on the day, downside remains wide open for Brexit tensions to keep the bearish pressure up: “Pound gains could be short-lived, ahead of a clearer picture on Brexit. From a technical point of view, the pair retains its neutral stance in the short term, as in the 4 hours chart, it remains stuck to a directionless 20 SMA, while technical indicators continue pivoting directionless around their midlines.” Support levels: 1.3090 1.3045 1.3010 Resistance levels: 1.3150 1.3190 1.3230 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 Ripple price analysis: XRP/USD’s moment of glory passed; $0.44 support under threat FX Street 5 years It's BoE 'super Thursday', and markets are awaiting an interest rate hike for the UK. Outside of today's central bank action, a lack of movement on Brexit hangs over the GBP/USD. The GBP/USD is trading into the 1.3100 technical level, twisting to the bearish side in early Thursday trading but remaining well within the week's tightening range as Pound traders buckle down for the Bank of England (BoE) rate call due today. Thursday brings the latest Monetary Policy Statement from the BoE as well as the central bank's interest rate call, all dropping at 11:00 GMT; a 25 bps rate… 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.
