GBPUSD CONSOLIDATES AHEAD OF BOE REPORT

The GBPUSD pair is consolidating above the 1.2700 level, as British pound traders await the release of the Bank of England's Financial Stability Report.

BOE Governor Mark Carney will also be delivering a speech to investors, surrounding his findings of the Financial Stability Report. His speech will come shortly after the report is released.

The GBPUSD pair retains a bullish short and medium term bias, whilst clearly trading above the H1 time frame 200 period moving average at 1.2716, and the weekly pivot point at 1.2708.

Key technical support below 1.2708, is located at the daily time frame 100 period moving average at 1.2668, and the former monthly low at 1.2635.

Resistance for the GBPUSD pair sits at the daily time frame 20 period average at 1.2761, which coincides with the weekly high. Further up the 50 period moving average, on the mentioned time frame, offers strong intraday resistance at 1.2855.