GBP/USD in fresh highs, 1.54 on sight

FXStreet (Edinburgh) - The upbeat tone remains intact around the pound on Thursday, now lifting GBP/USD to the upper-1.5300s.

GBP/USD in 6-week peaks

The pair is challenging multi-week tops in the vicinity of 1.5400 the figure, propped up by the unexpected upbeat tone from today’s Quarterly Inflation Report by the BoE. It is worth recalling that the central bank now expects to commence the hiking cycle during the first half of 2016 and that consumer prices could be around 2% in 2017, albeit a drop to negative figures has not been ruled out. Furthermore, consumer spending should start to pick up this year in response to the lower energy prices and rising wages, all against the backdrop descending unemployment and less slack in the economy, which should eventually end up in higher GDP figures.

GBP/USD levels to watch

As of writing the pair is gaining 0.94% at 1.5384 with the next hurdle at 1.5400 (psychological level) followed by 1.5438 (76.4% of 1.5588-1.4952) and finally 1.5486 (low Dec.23). On the other hand, a breakdown of 1.5297 (low Feb.10) would aim for 1.5196 (10-d MA) and then 1.5171 (50% of 1.4998-1.5353).

EUR/GBP: Breached the five year down channel - CB

Karen Jones, chief analyst at Commerzbank explained that EUR/GBP has sold off to the base of a 5 year down channel at 0.7386.
আরও পড়ুন Previous

ECB increases limit of emergency loans to Greek banks

The European Central Bank decided to increase the amount of emergency liquidity assistance (ELA) that can be provided to Greek banks, according to media reports.
আরও পড়ুন Next