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22 Apr 2015
GBP/USD near 1.5000 on BoE
FXStreet (Edinburgh) - The sterling is inching higher on Wednesday, pushing GBP/USD to the upper end of the range in the proximity of 1.5000 the figure.
GBP/USD firmer on BoE minutes
The pound is gathering some traction now, after the BoE minutes showed a repetition of the 9-0 voting pattern favouring a steady stance in monetary policy, with the refi rate at 0.5% and the asset purchase facility at £375 billion. Members also argued that the strong pound is undermining the increase in Core prices; they also see inflation turning negative in the upcoming months and added that UK wages need to improve in order to reach the 2% inflation target.
The pair has managed to recover from April troughs in the 1.4600 neighbourhood, although the area at/above the psychological 1.5000 mark still remains a tough barrier for a more sustainable advance.
GBP/USD relevant levels
At the moment the pair is advancing 0.42% at 1.4990 with the initial hurdle at 1.5008 (high Mar.19) and then 1.5053 (high Apr.17). On the other hand, a breakdown of 1.4857 (low Apr.21) would target 1.4813 (low Apr.16) en route to 1.4798 (200-h MA).
GBP/USD firmer on BoE minutes
The pound is gathering some traction now, after the BoE minutes showed a repetition of the 9-0 voting pattern favouring a steady stance in monetary policy, with the refi rate at 0.5% and the asset purchase facility at £375 billion. Members also argued that the strong pound is undermining the increase in Core prices; they also see inflation turning negative in the upcoming months and added that UK wages need to improve in order to reach the 2% inflation target.
The pair has managed to recover from April troughs in the 1.4600 neighbourhood, although the area at/above the psychological 1.5000 mark still remains a tough barrier for a more sustainable advance.
GBP/USD relevant levels
At the moment the pair is advancing 0.42% at 1.4990 with the initial hurdle at 1.5008 (high Mar.19) and then 1.5053 (high Apr.17). On the other hand, a breakdown of 1.4857 (low Apr.21) would target 1.4813 (low Apr.16) en route to 1.4798 (200-h MA).