The GBP has been an interesting play in the last week or two. Of course, the BOE came out and hiked official interest rates, however, we didn’t get the reaction we expected. The talk that came out at the same time was dovish and as a result, the GBP/USD fell.

That could also be because there was a fair bit of hype in the leadup and the news was all but factored in when it arrived.

To me, we are well and truly in a range at the moment. I am watching both key support and resistance levels. As it stands. That’s 1.3300 and 1.3050. In between, I think it’s best to wait and see as to me we just don’t have a clear direction.

The price action will dictate how we trade at these levels, so look for bearish action at resistance and bullish at support.

GBP/USD – 240 min Chart.