GBPUSD

The GBP/USD pair is trading at 1.3400, with the Bank of England's interest rate decision in the spotlight on the UK side. While the BoE is expected to keep interest rates steady, the likelihood of a rate cut at the June meeting is priced in at around 75%. The housing price index to be announced tomorrow will show the trend of the recovery in the UK housing market. The pound is relatively strong against the dollar, buoyed by moderate signs of recovery in the UK economy and expectations that the BoE will cut rates later than other central banks. Technically, if the resistance at 1.3524 is broken, there could be moves towards the 1.3566 level.