GBPUSD trades higher on rate hike hopes, targets 1.5800
GBP/USD is trading higher on account of policy divergence between different central banks
The Monetary Policy Committee (MPC) voted unanimously in favor of keeping the Bank Rate at 0.5% and the stock of purchased assets unchanged at GBP375bn.
The wage growth has picked more than expected in recent months. This confirms that inflation will reach 2% target much more anticipated.
Technically GBP/USD is facing strong trend line resistance around 1.5650 and nay break above will reach 1.5750/1.5800 in short term.
The pair's major support is around 1.5530 any any break below confirms short term weakness , decline till 1.5400 is possible .
The minor support are at 1.5600/1.5580/1.5530.
It is good to buy at dips around 1.5610-15 with SL around 1.5525 for the TP of 1.5750/1.5800.
The Monetary Policy Committee (MPC) voted unanimously in favor of keeping the Bank Rate at 0.5% and the stock of purchased assets unchanged at GBP375bn.
The wage growth has picked more than expected in recent months. This confirms that inflation will reach 2% target much more anticipated.
Technically GBP/USD is facing strong trend line resistance around 1.5650 and nay break above will reach 1.5750/1.5800 in short term.
The pair's major support is around 1.5530 any any break below confirms short term weakness , decline till 1.5400 is possible .
The minor support are at 1.5600/1.5580/1.5530.
It is good to buy at dips around 1.5610-15 with SL around 1.5525 for the TP of 1.5750/1.5800.