GBP/USD off 2-week lows, re-takes 1.2550 ahead of BOE

The GBP/USD pair stalled its recovery from post-FOMC troughs over last hours, now consolidating near the mid-point of 1.25 handle, as investors now turn attention their attention towards the BOE monetary policy decision due later in the European session.

The bears retain their control amid persistent broad USD strength as markets continue to favor the US currency in light of yesterday Fed rate hike and unexpectedly hawkish Dots plot chart.

Markets now look forward to BOE decision accompanied by the minutes, which will shed light on the future policy path of the British central bank, especially after upbeat inflation and jobs figures.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2604/09 (daily pivot/ 5-DMA), 1.2624 (10-DMA) and 1.2690 (100-DMA). While supports are seen at 1.2514 (2-week low) and 1.2487 (daily S1) and below that at 1.2446 (50-DMA).