GBP/USD parked around 1.2940 ahead of BoE

The British Pound is trading almost unchanged vs. the greenback on Thursday, with GBP/USD meandering a tight range around 1.2940.

GBP/USD attention to BoE, data

Cable is extending its consolidative theme so far this week, with gains clearly capped by the boundaries of the psychological 1.3000 handle for the time being, while decent support seems to be clustered in the 1.2900 neighbourhood.

Despite the ongoing USD-positive environment, the pair managed well to keep the trade in the upper end of the recent range, as the US Dollar Index staged quite a sharp rebound from Monday’s fresh YTD lows.

Looking ahead, the BoE is expected to keep its monetary status quo unchanged at today’s meeting, while Industrial Production and Manufacturing Production are seen rebounding somewhat in March.

Data wise in the US docket, the usual report on the labour market is due along with Producer Prices and speeches by Chicago Fed C.Evans (voter, centrist) and New York Fed W.Dudley (permanent voter, centrist).

GBP/USD levels to consider

As of writing the pair is down 0.02% at 1.2938 with the next support at 1.2900 (low May 9) followed by 1.2851 (20-day sma) and finally 1.2829 (low May 4). On the upside, a surpass of 1.2992 (2017 high May 8) would open the door to 1.3000 (psychological handle) and finally 1.3125 (high Sep.22 2016).