Technical Analysis: GBPUSD traders await BOE's action with mild losses
GBPUSD extends its pullback from Tuesday while declining to 1.2545 ahead of the bank of England's (BOE) monetary policy meeting on Thursday. Although the BOE is widely anticipated to add to its bond purchase program, the pair traders are more interested in hearing any downbeat statements before targeting an ascending trend line from May 27, at 1.2510 now. Additionally, another rising support line from May 15, currently near 1.2460, offers extra challenges to the bears. Should there be a clear downside break below 1.2460, it becomes no surprise to witness May 26 top near 1.2360 back to the chart.
On the upside, a sustained break above the one-week-old resistance line, at 1.2620 now, becomes necessary for the buyers to step in. In doing so, they need back-up from the old lady via positive comments and/or no action, which is highly unexpected. If at all the quote remains positive past-1.2620, the weekly top near 1.2690 and the monthly peak close to 1.2800 could lure the bulls.