Pound Sterling Holds Steady Before BoE Decision

The Pound Sterling (GBP) trades in a narrow range against the US Dollar (USD) at 1.2556, ahead of the Bank of England’s (BoE) crucial policy

The Pound Sterling (GBP) trades in a narrow range against the US Dollar (USD) at 1.2556, ahead of the Bank of England’s (BoE) crucial policy decision on Thursday.

BoE Decision in Focus: Investors are cautious as they await the BoE’s monetary policy announcement, which could significantly impact the GBP.
Rangebound Trading: GBP/USD remains confined within the 1.2529-1.2594 range, capped by key support and resistance levels.

Technical Analysis: Awaiting Direction

The daily chart suggests a neutral bias with upside potential.
The Relative Strength Index (RSI) hovers near 50, indicating balanced momentum.
A break above 1.2594 (May 6th high) could lead to a test of the 50-day moving average (DMA) at 1.2607 and potentially higher.
Conversely, a drop below the 200-DMA (1.2545) could trigger a decline towards 1.2500 and lower.

The GBP/USD’s near-term direction hinges on the BoE’s policy stance and its impact on future interest rate expectations.

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