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GBP / USD is trading in different directions prior to the meeting of the Bank of England

The GBP / USD pair is trading in different directions today. Investors are waiting for the outcome of the Bank of England meeting. Also, the results of the FOMC meeting held yesterday continue to exert a strong influence on the dynamics of the movement of the foreign exchange market. The Fed's comments temporarily weakened the dollar, but the yield on US bonds continues to rise. Today, the yield on 10-year government bonds exceeded 1.7%, provoking a sharp strengthening of the US dollar at the beginning of the European trading session. Locally, the pound and other currencies came under pressure.

In the middle of the European trading session, news from the UK will already dominate the GBP / USD pair. Investors do not expect changes in monetary policy, therefore, the main influence on the trading will be provided by the comments of the Bank of England on the current economic situation, development prospects and possible changes in monetary policy in the future.

Watch the level 1.3935 on the chart. While buyers keep the price above this mark, the priority is the scenario with the growth of quotations above the level of 1.4000.

  • Resistance levels: 1.4000, 1.4050, 1.4100;
  • Support levels: 1.3935, 1.3865, 1.3795.

The main scenario is growth above 1.4000.

An alternative scenario is a breakdown of the support at 1.3935 and a decline to 1.3865.

The current fundamental background is neutral. We consider longs with moderate risks from the level of 1.3935.

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