GBP/USD Bearish Amid Negative Risk

        0055 GMT [Dow Jones] The GBP/USD is likely to trade in a lower range Thursday, undermined by positive USD sentiment; dovish October Bank of England MPC meeting minutes showing the committee split 7-2 in favor of keeping rates on hold, with the majority far from convinced on an early rate increase; and sterling sales on a soft GBP/JPY cross amid increased investor risk aversion. But GBP/USD losses are tempered by sterling demand on a soft EUR/GBP cross. The daily chart is mixed as the MACD indicator is bullish, but the slow stochastic measure is bearish. Support is at 1.6009 (Wednesday's low); a breach would expose downside to 1.5940 (Oct. 16 low). Resistance is at 1.6077 (hourly chart), then at 1.6131 (Wednesday's high). Spot GBP/USD is at 1.6042. (jerry.tan@wsj.com)
        (END) Dow Jones Newswires
        October 22, 2014 20:55 ET (00:55 GMT)