The BoE MPC is expected to leave the UK base rate at 5.0% at 12:00GMT today. Minutes from this week's MPC meeting will be published on January 24. Hawks forecast a 25bp hike to 5.25% next month (Feb 8). Offers within a 1.9400/10 window capped cable gains spurred by the 09:30GMT disclosure of November's better-than-expected UK industrial production data.
Stops above 1.9350 were tripped prior to the data release. 1.9410+ resistance levels include 1.9420 and 1.9450. Sell interest from 1.9420 capped GBP/USD at an intra-day high of 1.9422 yesterday. Sell interest from 1.9450 topped sterling at a five-day peak of 1.9456 on Tuesday. 1.9380 (earlier absorbed offers) is now a pullback support point.
Lower props include 1.9367 (pre-UK IP data top), 1.9350, 1.9341 (today's Asian session peak), 1.9317 (yesterday's two-day low), and 1.9260 (Monday's six-week floor). NY Fed President Geithner is slated to speak at 13:00GMT, with Fed Governor Bies due to talk at 15:15GMT. Weekly US jobless claims will be disclosed at 13:30GMT. Forecast: 320k.
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