GBP/USD nears 1.54, range play continues

By FXStreet FXStreet (Mumbai) – The GBP/USD neared 1.54 handle, after having bounced off from the 200-DMA located at 1.5350 yet another time. The spot has been stuck in the range of 1.5350-1.5413 since last two sessions.

Easing in New Zeland, QQE in Japan and now BOE?

In the last 24 hours, the doves at BOE vanished, the Reserve Bank of New Zealand (EBNZ) cut interest rates and the Bank of Japan officials commented that the Oct 30 BOJ meeting would be a ‘good opportunity for easing’. Consequently, the attention now shifts to the Bank of England rate decision due later today.

It remains to be seen if the BOE doves come out strong in response to fresh dovish tilt from the ECB earlier this month or the hawks stress the resilience in the domestic economy and reiterate rate hike in 2016.

GBP/USD Technical Levels

The spot now trades around 1.5390. The immediate support is seen at 1.5350 (20-DMA), under which the spot could drop to 1.53 levels. On the other side, resistance is seen at 1.5413 (Tuesday’s high) and 1.5460 levels.
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Source:: FX Street