GBP/USD keeps range above 1.4750 ahead of BOE Minutes

FXStreet (Mumbai) - GBP/USD trades almost unchanged during the European session, as traders remain wary ahead of UK employment data and release of BOE March meeting minutes.

GBP/USD stuck around 1.4760

The GBP/USD pair trades flat at 1.4759, unable to surpass session highs at 1.4771. The cable continues to trade modestly flat in a narrow range, looking for fresh incentives from the upcoming UK data which may support the pound. However, gains in GBP/USD might be capped by the BoE minutes, underscoring last week's dovish speech by Governor Mark Carney.

In the UK, the Bank of England (BOE) will publish the minutes of March's MPC meeting, which saw the key interest rate remain at a record low 0.5%. The UK jobless rate is expected to decline again to 5.6% in the first month of the year, from 5.7% reported in December. Also, average earnings growth, excluding bonuses, is expected to have bounced back to 1.8% in the quarter to January, up from a rise of 1.7% in December.

Moreover, UK Chancellor of the Exchequer George Osborne is scheduled to introduce his final budget before the May 7 general election in a speech to parliament later today.

Finally, FOMC statement on the conclusion of Fed’s two-day policy meet is like to set the fresh direction for the US dollar, which may have major impacts on GBP/USD.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4800 above which gains could be extended to 1.4845 (March 17 High) levels. On the flip side, support is seen at 1.4727 (Today’s Low) levels below which it could extend losses to 1.4700 levels.