GBPUSD (1.3934): The British pound was seen to be volatile yesterday on the back of the Bank of England monetary policy meeting. As noted in yesterday’s commentary, GBPUSD initially rallied to 1.4037 but with the resistance holding up, price action promptly reversed gains. We expect GBPUSD to maintain a sideways range within 1.4037 and 1.3855. A breakout from this range will establish further direction in the currency pair. The bias is to the downside and we expect GBPUSD to eventually breakout below 1.3855 to fall towards 1.3611 – 1.3589 level of support.
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