12 Feb 2015
GBP/USD hits fresh session highs at 1.5270, UK inflation Report awaited
FXStreet (Mumbai) - GBP/USD advanced during the European session, heading gradually towards 1.53 threshold as traders now eye Bank of England’s BOE inflation report due for fresh insights on the central bank's future steps.
Rises from 1.5232 levels
The GBP/USD pair trades higher by 0.16% at 1.5259 levels, hovering close to fresh session high posted at 1.5270 levels few minutes ago. GBP/USD edged higher on expectations that Bank of England's (BoE) Inflation Report may provide updates on inflation, growth and labor market outlook and their impact on the future path of monetary policy.
Meanwhile, traders speculate that BOE’s inflation report may support the sterling as the central may consider a rate hike after the report is likely to show inflation forecasts raised slightly for the medium-term.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5300 above which gains could be extended to 1.5337 levels. On the flip side, support is seen at 1.5216 below which it could extend losses to sub 1.5195 levels.
Rises from 1.5232 levels
The GBP/USD pair trades higher by 0.16% at 1.5259 levels, hovering close to fresh session high posted at 1.5270 levels few minutes ago. GBP/USD edged higher on expectations that Bank of England's (BoE) Inflation Report may provide updates on inflation, growth and labor market outlook and their impact on the future path of monetary policy.
Meanwhile, traders speculate that BOE’s inflation report may support the sterling as the central may consider a rate hike after the report is likely to show inflation forecasts raised slightly for the medium-term.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5300 above which gains could be extended to 1.5337 levels. On the flip side, support is seen at 1.5216 below which it could extend losses to sub 1.5195 levels.