GBP/USD off lows, retests 1.3300

After a brief test of the 1.3220 area, GBP/USD has now recover the traction and is now headed towards the 1.3300 neighbourhood.

GBP/USD attention to BoE, Carney

Spot is advancing for the fourth consecutive session so far, hovering over the critical barrier at 1.3300 the figure amidst prevailing risk appetite trends and ahead of the key BoE MPC meeting on Thursday and Governor Carney’s speech on Friday.

Market chatter keeps pointing to a 25 bp rate cut by the ‘Old Lady’ at tomorrow’s meeting, while further easing should remain in the pipeline in light of the August gathering.

GBP/USD levels to consider

As of writing the pair is gaining 0.39% at 1.3298 facing the next resistance at 1.3337 (session high Jul.13) followed by 1.3535 (high Jun.29) and finally 1.3621 (20-day sma). On the flip side, the immediate support appears at 1.2851 (low Jul.11) ahead of 1.2797 (20916 low Jul.6).