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GBPUSD seesaws inside bullish pennant ahead of BOE

Long
FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD bears the burden of the US dollar rebound and the pre-BOE anxiety during the early Super Thursday. Although the Bank of England (BOE) policymakers aren’t expected to alter monetary policy , the widely anticipated dovish tilt in contrast to the Fed’s tapering woes seems to weigh on the quote of late. Even so, the bullish chart pattern keeps buyers hopeful. The same requires clear trading beyond 1.3950 to confirm the buyers’ arrival. However, 61.8% Fibonacci retracement of June-July declines, near 1.3990, adds to the upside filters before directing the bulls toward the early June’s low near 1.4065.

Meanwhile, a sustained trading below 1.3880 will defy the bullish pennant and direct GBPUSD sellers toward the 200-SMA level of 1.3835. In a case where the “Old Lady” turns more bearish than expected, multiple supports near the 1.3740-30 region, comprising levels marked since July 02, should gain the market’s attention. Additionally, the pair’s weakness past 1.3730 won’t hesitate to challenge the lows marked during July and February around 1.3570-60.

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