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Hugo in HTO Trading,

GBPUSD: About to challenge 1.6300

Yesterday after the release of the FOMC minutes that suggested the Fed will keep rates lower for longer time the GBPUSD rallied.

Today on the economic agenda from the U.K we have the Bank of England (BoE) interest rate decision and the asset purchase facility that is expected to stay unchanged. From the U.S we have the initial jobless claims and the continuing jobless claims in September are estimated to rise, showing weakness in the labor market.

GBPUSD initially fell but found enough support at previous day low 1.6025 and closed above the 10 day moving average showing signs of strength to the upside.

Expecting upward move to 1.6351 on a break above previous day high at 1.6170 (scenario 1) or a break below previous day low at 1.6031 could push GBPUSD to this year low at 1.5853 (scenario 2).