GBPUSD (1.3549): The British pound was seen consolidating near the support level for the past few days. We expect this sideways price action to remain in place heading into this Thursday’s BoE meeting. With the Stochastics showing a hidden bearish divergence, there is a strong possibility for GBPUSD to break down below the support level at 1.3530. In this case, further declines could push the GBPUSD lower to the 1.3000 round number support. To the upside, a close above the previous highs of 1.3580 is required in order to support any upside move.
