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GBP/USD Forecast: stuck at 23.6% Fibo, expect a step back

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.3315, 1.3419, 1.3533

Support – 1.3206, 1.3119, 1.3077

Pair extended the corrective move in Asia to a high of 1.3337 as realization seems to have seeped into the markets that the Bank of England (BOE) may prefer to wait for more evidence of the Brexit led slowdown and in the economy and thus not cut rates this week.

Cable’s nearly 500 pips rally from Friday’s low of 1.2850 could result in a short-term loss of momentum and sideways to negative action ahead of tomorrow’s BOE rate decision.

Failure to take out 1.3315 (23.6% of 1.5019-1.2789) if followed by a break below the Asian session low of 1.3223 could yield a move towards 10-DMA level of 1.3117 levels.

On the higher side, an hourly closing above 1.3315 could open up 1.3419 (June 28 high), although reckon the resistance is likely to stay intact ahead of the BOE rate decision.
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