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FxWirePro: GBP/USD rise above 1.5413 on BoE short lived, pair back below 1.54

 

  • Cable extended upbeat momentum after BoE remains on the sidelines once again at today's meet as widely expected

  • Minutes revealed an 8-1 voting pattern in favour of keeping the current monetary stance

  • Minutes also showed the policymakers see considerable uncertainty over the impact of the strong GBP on inflation

  • GBP/USD hit session tops near 1.5450 after the vote, but subsequently pared gains taking the pair back below 1.54 levels

  • Markets now appear to be focusing on BOE's concerns regarding Sterling strength

  • GBP/USD currently trading at 1.5397, with immediate resistance at 1.54 and further at 1.5413 (38.2% of last two week's fall), supports are at 1.5350 (200-DMA) and 1.53 levels.

 

  • Market Data
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