The GBPUSD since Monday's push higher has consolidated in a tight 50 pip range. The BoE rate decision is due in early New York trading Thursday. The Bank of England is expected to remain on the sidelines. If the BoE maintains a wait and see approach a policy statement will most likely not be released . This could be bullish for the GBPUSD and break of the top of the range would be favored.
Currently the pair is traveling in tight range between 1.6130 and 1.6085. A push above the top of the range open the pair up to a run towards 1.6180/1.62. A break lower finds support right away around 1.6050.
Sup 1.6085 1.6050 1.60
Res 1.6130 1.6180
Keane Plan...Looking for a break to the top or bottom of the current range.
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