FX.co ★ Pound lacks life-giving oxygen

GBP / USD

On Wednesday, the dollar index gained 0.14% but due to sharp increased in balance of UK production orders from CBI in June estimate showed -3 to 13 with an expectation of growth to 1, it kept the quotation of the British pound at the opening price of the day. The main event for today will be the monetary policy decision of the Bank of England at 12:00 PM London time, but no changes are expected. Also, experts are not interested to the statements regarding the intention to raise rates in August.

The initial target of decline remains in the trend line support of the price channel at 1.3093. Breaking this support may linger the price in the range of 1.3025 / 55 - the lows of October and November last year.

* The presented market analysis is informative and does not constitute a guide to the transaction.