GBP/USD losing the grip, around 1.4400

By FXStreet FXStreet (Edinburgh) – The offered tone around the pound is not giving up so far, with GBP/USD now putting the 1.4400 support to the test.

GBP/USD attention to BoE

Spot is retreating for the third session in a row so far, challenging once again the 1.4400 handle amidst an unaltered broad bearish picture.

It will be an interesting day for the sterling, as the BoE will hold its MPC meeting and subsequent minutes. Despite consensus amongst traders expects the monetary stance to remain unchanged, the BoE minutes could shed more light on the views of the members regarding the recent slump in GBP, lack of reaction in domestic wages and some sort of slowdown in the UK recovery.

GBP/USD key levels

The pair is now losing 0.21% at 1.4404 and a breakdown of 1.4352 (low Jan.12) would expose 1.4346 (low Jun.8 2010) and then 1.4229 (2010 low May 20). On the flip side, the next resistance aligns at 1.4583 (downtrend from 1.5232) ahead of 1.4714 (20-day sma) and finally 1.4947 (high Dec.24).
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Source:: FX Street