GBPUSD has been consolidating in 90 pips range for more than a week. Ahead of BOE we are still in a well defined range and probably we will not see any change in BOE policy. This means that me stay in this range for sometime to come. However, if we should manage to break the downward channel to the upside (red-dotted lines) then the first resistance to look for would be the blue trendline. But if we go to the downside, I would look for another re-test of the 50%line inside the channel.
