The price movement on the GBP/USD currency pair chart maintains a flat pattern entering the third day from the opening of the week.
The US dollar is still moving passively while the Pound is limited as investors await the outcome of the Bank of England policy meeting on Thursday.
Putting pressure on the Pound, the Bank of England (BOE) is expected to lower interest rates by 25 basis points from 4.25% to 4.00%.
In addition, the MPC members’ vote will be watched to assess the majority’s choice on setting interest rates.
If we look at the GBP/USD chart movement, the price is flat around 1.33000 with the resistance level continuously tested since the beginning of the week after the surge that occurred last Friday.
The attempt to increase the price beyond the 1.33000 level did not last long when the price was pushed back down again.
The price is slowly moving above the Moving Average 50 (MA50) support line on the 1-hour chart, which still shows potential for bullish movement, but the market is likely to wait for the BOE meeting first.
If the price manages to make a strong increase above 1.33000, the 1.34000 level will be the closest target to be reached before the increase continues to the 1.35000 level.
However, if the price, which has been flat for several days, finally starts to plunge downwards, the 1.32000 level is likely to be at risk of being broken.
Last week's low around 1.31400 will be broken again before the price records a new low towards the 1.31000 zone target.
