Cable is currently pivoting the 1.9300 level, against a big-picture backdrop of gain consolidation from 1.9185 (Monday's 15-week floor). Resistance levels include 1.9323 (yesterday's high) and 1.9359 (today's Asian session top). The latter level is six pips shy of a 38.2% Fibo retracement point of the fall from 1.9674 (Feb 27 high) to 1.9185.
Fresh demand for the pound may ensue if the BoE MPC surprises the market and raises the base rate by another 25bp to 5.5% at 12:00GMT tomorrow (Thursday). No change is the consensus expectation although it is worth noting that the market has been surprised at the timing of two of the three 25bp hikes delivered through the current tightening cycle (in January and last August).
Sterling support points include 1.9270 (approximate European morning low), 1.9260 (today's Asian session base), 1.9250, and 1.9230 (yesterday's approximate NY session floor).
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