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<\/a><\/p>\nBy Fast Brokers<\/p>\n
The consolidation in the GBP\/USD carries on as investors await the monetary policy decision from the BOE today.\u00a0 Though the BOE has little wiggle room as far as its benchmark rate is concerned, investors will be more focused on any hints as to the success rate of quantitative easing thus far.\u00a0 Britain\u2019s economic data has been showing signs of life on all fronts the past couple weeks, preventing any sharp movements to the downside despite the recent selloff in U.S. equities.\u00a0 Therefore, the Cable remains in an advantageous position unless the BOE presents any unexpectedly negative news monetarily.\u00a0 Nevertheless, we expect the positive correlation between the Cable and U.S. equities to hold true.\u00a0 Hence, if the S&P futures happen to tank today, the GBP\/USD may be so inclined to follow suit albeit in a less-dramatic fashion.\u00a0 On the other hand, if U.S. equities rally we could see the Cable explode to the upside towards our 2nd tier uptrend line and April highs.\u00a0 We should see volume tail off later today and tomorrow as many traders take a long weekend for the Easter holiday.\u00a0 Fundamentally, we maintain resistance of 1.4730 with additional resistances hanging at 1.4770, 1.4834, 1.4883 and 1.4946.\u00a0 The 1.50 level serves as a key psychological barrier while the 1.45 area acts as a psychological cushion. To the downside, we hold our supports of 1.4676, 1.4612, 1.4571, 1.4538 and 1.4484.\u00a0\u00a0 The GBP\/USD is currently exchanging at 1.4678.<\/p>\n