GBP/USD stuck to a tight 50 pip range on......>

CABLE: GBP/USD stuck to a tight 50 pip range on Wednesday, ahead of UK risk

events later this week, and last deals at ~$1.3120.

- A tight range has prevailed in the cross over the past few days as sterling

has failed to benefit from the supportive signals generated by intraday momentum

indicators. This leaves GBP/USD vulnerable to the medium term bearish trend

signals, highlighted by the 100-DMA breaking below the 200-DMA over the past

couple of days. The 1.3082 support remains important for near-term stability,

failure to hold above here would return focus to the July low of 1.2957. A break

above 1.3215 is needed to turn the near-term picture positive.

- Today's BOE decision steals the show, with MNI PINCH pricing a greater than

90% chance of a 25bp hike, in spite of soft data & Brexit concerns. In the case

of a hike focus will fall on the vote split & r* projection.