GBP/USD: upside limited while below 1.3040 - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD consolidated its latest gains around the 1.3000 mark, having held between a well-limited range within 1.2980 and 1.3030 daily basis. 

Key Quotes:

"The Pound was trying to correct higher at the beginning of the London session, but the rally was interrupted by BOE's Deputy Governor Minouche Shafik."

"She said that the Central Bank could ease its economic policy further as soon as next November, claiming that she'd “rather be on the front foot and act preemptively, rather than be on the back foot and do too little too late.” 

"The Sterling eased with her comments, but soft US data limited dollar's gains. 

From a technical point of view, the upside continues to be limited as long as the price remains below 1.3040, the 23.6% retracement of the latest daily decline between 1.3420 and 1.2914, still the immediate resistance."