British Pound: Holds Range Despite Largest GDP Contraction Since 2009

The British Pound held the range-bounce price action from the previous month despite the dismal GDP report, and the sterling may continue to track sideways over the near-term as market participants weigh the outlook for monetary policy. Indeed, economic activity contracted 0.7% in the second quarter to mark the biggest decline since the first three-months of 2009, and the deepening recession may encourage the Bank of England to expand its balance sheet further as central bank officials see a growing risk of undershooting the 2% target for inflation. As the GBPUSD continues to hold above the monthly low (1.5392), we should see the pair hold steady ahead of the BoE interest rate decision on tap for August 2, but we may see the central bank refrain from releasing a policy statement should they revert back to a wait-and-see approach.

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Currently I'm using RoboForex along with MetaTrader 4 platform as I found their market refresh rates the highest with no drops on orders

my target im going with the 4 hour chart and midd term supp kicks in 1.5380, but chances are that we head lower then monthly S1, its just a small break for the bears. then things could get real ugly if we head much lower.