Price action continues to hug the 200-day MA @ 1.3545
GBP/USD is a little lower on the day, down to 1.3534 currently but the whole week has been centered around building a bias above or below the 200-day MA (blue line).
For all the push and pull in the pair - and with the dollar advancing against other currencies - cable is basically flat on the week currently as we move towards the BOE meeting tomorrow.
Looking at the near-term chart, any topside move at the moment is running into resistance at the 100-hour MA (red line) and the failure to firmly hold a break the level is still putting sellers in control of the pair.
As for levels to look out for, towards the downside bids are still seen at the 1.3500 level with further support at the 11 January low of 1.3458 and the 50.0 retracement and 1.3429. As for a move up, resistance is seen at 1.3555 in the form of the 100-hour MA followed by leveraged offers sitting about 20 pips in between from 1.3600 to 1.3700.
