GBP/USD clings to gains near 1.3250, BoE eyed

The British pound has retreated from session highs vs. the greenback today, with GBP/USD now navigating the 1.3245/band.

GBP/USD looks to data, BoE

The pair is posting gains for the second session in a row today, looking to extend the rebound from yesterday’s lows near 1.3130 ahead of key UK data and the BoE monetary policy meeting.

Market consensus expects UK’s headline Retail Sales to have contracted at a monthly 0.5% during August, while the BoE is seen ‘on hold’ at this meeting following the 25 bp rate cut and an extra £60 billion in its asset purchase facility announced in last month.

GBP/USD levels to consider

As of writing the pair is advancing 0.08% at 1.3247 and a breakout of 1.3447 (high Sep.6) would aim for1.3481 (high Jul.15) and then 1.3646 (38.2% of the post-Brexit down move). On the flip side, the next support aligns at 1.3133 (support line off July’s top) followed by 1.3056 (low Aug.29) and finally 1.2863 (low Aug.15).