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Currency Analyst since 2010

GBP/USD ahead of British data

GBP/USD rose today from support in the $1.6670 area (Jan. high). Despite the weak inflation data released yesterday pound has managed to hold its ground.

There’s a bunch of data due in 20 minutes. British unemployment is expected to remain at the lowest level since 2009. According to Danske Bank, the minutes of the Bank of England’s latest meeting may show that some members are starting to adopt a more hawkish stance and eyeing rate hikes following the rapid drop in the unemployment rate. In their view, this could add to GBP strength.

Support is at $1.6670, $1.6693 and $1.6550. Resistance is at $1.6750 and $1.6822.

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