GBP/USD at daily high
GBP/USD is trading at daily high after the BoE revised up the economic growth forecasts for the UK economy to 3.4% in 2014 from 2.8%. Regarding consumer prices, the central bank said they would gyrate around the bank’s target.
The pair hit the low at 1.6425 and rebounded after the report from BoE.
The pair is now up at 1.6550 with the next hurdle at 1.6565 (high Jan.30) followed by 1.6606 (high Jan.29). On the flip side, a break below 1.6425 (low Feb.12) would open the door to 1.6392 (low Feb.11) and finally 1.6384 (low Feb.10).
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