1.2285 (monthly Fib + weekly 5-MA)
1.2221 (previous day’s low)
1.2083 ( Oct 25 low)
1.2360 (falling resistance)
1.2534 (4-hr 200-MA)
Comments: Pound stands to gain if BOE meets market expectations
The BOE has been likely to confirm what the market already knows - there is little room left for a further cut in the interest rates.
The is widely expected to revise its short-term and growth forecasts higher and long-term growth forecasts lower.
Unless there is dovish surprise, the British Pound could move higher, consequently, the descending could be breached.
On the charts, except for the moving averages there is no critical level that could act as a resistance till 1.2798 (July 6 low).
The pair could revisit and may actually breach recent key support of 1.20873 if the BOE drops a bomb by hinting at a future rate cut.