The GBPUSD has fallen back below the 100 hour MA (blue lin e the chart above)in NY trading after moving higher in the Asian and early London session. The 100 hour MA comes in at the 1.51155 currently (blue line in the chart above).  Earlier today, the pair flirted with extending above the 200 hour MA and was successful for a number of hours. However, the better than expected US Service PMI data, was a catalyst for turning the dollar around/and sending the GBPUSD lower.

Now traders will be eying to see if the price can remain below the 100 hour MA. Doing so will keep the sellers in control and could keep the pressure on the price. The next targets below will become the 1.5084 and 1.5076 level where the lows from February 25 and February 27th are located.

The BOE interest rate decision on Thursday is expected to show no change. However, if there is to be a surprise it would be if BOE King can convince his fellow members that more easing is warranted to stave off negative GDP growth. GDP in the 4th quarter came in at -0.3%. The last 5 quarters have seen growth come in a -0.3%, -0.1%, -0.4%, +1.0% and last quarters -0.3%.  No matter how you slice it, that is not an impressive record at this point in the recovery game.