Been a very steady morning for GBP/USD with the pair now being underpinned by a leaking EUR/GBP ahead of the 1100 GMT announcement from the ‘Old Lady’.
The Base Rate is expected to remain unchanged at 0.5% and further progress towards the 1.6000 level likely to prove sluggish.
There are also sizeable option expiries at 1.5900 and 1.5925 which is bracketing trading ahead of the 1400 GMT expiry. Some talk also of a 1.6000 barrier should the pair start to pull and away from the strikes, but there will likely be heavy protection offers running ahead of the level.
On the downside bids are sitting down in the 1.5850/60 area ahead of trendline support around 1.5835, with sell stops below through 1.5820.
Cable’s presently sitting around 1.5907