Wednesday, February 11, 2015

$GBP/USD on its way to 1.5300

$GBP/USD extended gains and climbed during the European session, heading gradually towards 1.53 threshold as traders now eye Bank of England’s BOE inflation report due tomorrow.

Rises from 1.5275 levels

The $GBP/USD pair trades higher by 0.27% at 1.5295 levels, hovering close to fresh three day high posted at 1.5297 levels. $GBP/USD edged higher on expectations that Bank of England's (BoE) Inflation Report tomorrow, may offer some fresh cues into the central bank's future steps. 

Meanwhile, traders speculate that BOE’s inflation report may support the sterling as the central may consider a rate hike as 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 1.5233 below which it could extend losses to sub 1.5200 levels.