FxWirePro: GBP/USD hovers near two-month high as markets await BoE's Huw Pill’s remarks

• GBP/USD hovered near two-month high on Tuesday  as markets looked to remarks from the Bank of England's chief economist.

• Traders were closely monitoring Bank of England chief economist Huw Pill, who was scheduled to make closing remarks at a conference around 1400 GMT, hoping for any insights into future policy moves.

• On Monday, BoE policymaker Swati Dhingra challenged market interpretations, clarifying that the central bank's indication of "gradual" rate cuts did not suggest one 25 basis point cut per quarter.

• Markets are currently pricing two further 25 basis point rate cuts by the Bank of England.

•  At GMT 11:51, pound   was last  trading up 0.15% to $1.2643 against dollar.

• Immediate resistance is located at 1.2707(23.6%fib), any close above will push the pair towards 1.2747(Higher BB).

•  Support is seen at 1.2593(50%fib) and break below could take the pair towards 1.2496(0%fib).

Recommendation: Good to buy  around 1.2640 with stop loss of 1.2580 and target price of 1.2700