GBP/USD remains relatively unchanged on the day, and on the week. The pair has been trading in a range but carries a bearish bias. The Bank of England meeting in the prior week has supported the range in the pair. Ahead of the meeting, market participants were expecting a rate cut, and the lack of action from the bank surprised markets. While the initial reaction was a sharp move higher, the rally was not sustained, as the bank signaled for easing in August. With a clear signal for easing in August, the upside will be limited, but as the meeting takes place in two weeks, there has not been an urgency in selling the ... (full story)