Predictions for the British pound: GBP-USD tipped to head lower… and higher, depending on your time-frame of mind

At present we note that the pound / US dollar exchange rate is 0.15 pct up on Tuesday night's closing rate at 1.5663.

Please note that the above is a spot market quote to which your bank will affix a discretionary spread. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering more currency. Please find out more here.

TD Securities see GBP-USD pulling back towards 1.57 in coming days

Shaun Osborne at TD Securities on the next possible direction in GBP-USD following today's Bank of England MPC Minutes:

"The discussion on asset purchases remained largely the same as last month, and the vote for holding the program steady was still 6-3. The next

meeting becomes much more interesting as the new BoE Governor Carney takes the helm. After reaching above 1.57 at the start of the week, GBPUSD has topped out for the time being, and we look for a pullback toward 1.55 in the coming days."

Trading Central are bearish GBP-USD in the near term

After conducting their latest analysis on GBP-USD, Trading Central say:

"Short positions below 1.568 with targets @ 1.56 & 1.5565 in extension.

"Above 1.568 look for further upside with 1.572 & 1.575 as targets."

What level needs to break in order for an uptrend to be re-established?

Jason Mahony at Alpari UK says he actually believes the pound to US dollar exchange rate is looking rather bullish:

"Sterling is trading lower again this morning, after finding resistance once again from the ascending trend line, dating back to 12 March lows. This trend line previously acted as a key level of support so it’s no surprise to see it now acting as resistance.

"At a glance, the pair looks quite bullish at the moment, having recorded higher highs and higher lows over the last few weeks, however it has reached some key resistance levels which may prompt a continuation of the downtrend dating back to the start of the year.

"The first is the 200-day SMA, which the pair initially broke above last week, however it is trading back below here early in the European session. If the pair closes above here, the next test will come around 1.5788, where the ascending trend line crosses the 61.8 fib level. A break above here would be the clearest hint yet that the pair has entered a new uptrend."

ICN Financial Markets agree with the bullish case behind sterling:

"The pair faced negative pressure yesterday but wasn’t enough to confirm four-hour stability below 1.5605. Therefore, the positive possibility is still valid for today. The pair has to stabilise now above 1.5685 to confirm the bullish wave, but we will count on the positive Linear Regression Indicators to expect a new attempt to the upside.

"The trading range for today is among key support at 1.5500 and key resistance at 1.5880.

"The general trend over short term basis is to the upside as far as areas of 1.5150 remains intact targeting 1.5975."