GBPUSD (1.2628): The GBPUSD currency pair has been trading somewhat flat after price action tested the resistance level of 1.2683. The sideways range formed between 1.2683 a 1.2491 is expected to remain in place. With the BoE meeting due today, we could, however, expect to see some volatility. A breakout from this range could potentially set up the directionin the next leg of the trend. A close above 1.2683 could likely confirm a short-term shift in the major downtrend while a break down below 1.2491 could signal a continuation to the downside.
