GBP/USD secures gains after steep rally

By FXStreet FXStreet (Córdoba) – GBP/USD entered a consolidation phase near daily highs, after rallying throughout the American session amid broad USD weakness.

GBP/USD rose nearly 100 pips from lows and reached a peak of 1.5233 before finding resistance and settling in a narrow range. Cable is currently trading at 1.5229, recording a 0.56% gain on Tuesday.

On Thursday, the Bank of England will decide on monetary policy. However, both interest rate and the amount of bond purchases are expected to remain unchanged.

GBP/USD technical levels

On the upside, immediate resistances could be found at 1.5244 (Oct 5 high), 1.5260 (Sep 25 high) and 1.5288 (Sep 24 high). On the other hand, next supports are seen at 1.5136 (Oct 5 & 6 low), 1.5106 (Oct 1 low) and 1.5088 (May 5 low).
For more information, read our latest forex news. …read more

Source:: FX Street