GBPUSD Breaks Support…BoE at Bat

The GBPUSD broke below trend line and daily price support at 1.61 in New York trading.  The cross has now firmly placed itself below the TL that it rode higher in September and back below descending TL that has capped price action for over a year.  As long as the pair can remain below this level the focus shifts to the Fib levels further below.  Starting with the .382 fib at 1.5999 and the .50 fib at 1.5903.  Resistance is now past support at 1.61. 

The BoE is expected to keep interest rate unchanged on Thursday.  It may or may not release a statement following the decision.  If everything remains square little reaction is expected.

Sup  

.382 fib at 1.5999

.500 Fib at 1.5903

Res   1.61

Keane Plan...As long as the pair remains below 1.61 the path of least resistance is lower.

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