Currency Analyst since 2010

GBP/USD rose on MPC meeting

GBP/USD reached $1.5977, the new highest level since January. The Bank of England released the minutes of its last meeting: the benchmark interest rate and the asset purchase program were left unchanged at 0.5% and 375 billion pounds respectively. No MPC member is seeing the need for further stimulus in the UK economy. In addition, the BoE said the recent higher oil prices could have a temporary effect on UK consumer prices. The central bank also acknowledged the higher UK rate expectations although provided no details on the matter.

Resistance is at $1.5980, $1.6000/05 and $1.6039. Support is at $1.5885, $1.5870, $1.5830.

Chart. H1 GBP/USD 

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