British Pound (GBP)

The Pound rose against the Dollar as speculations believe that accelerating inflation may prompt the Bank of England to raise interest rates shortly. The GBP/USD's resistance is 1.6100 on the daily chart, if the pair breakup this level the pound probably will hit 1.6200 level. Overall, GBP/USD traded with a low of 1.6033 and with a high of 1.6124. Today, interest rate decision is expected to remain unchanged at 0.5%, Manufacturing Production is expected at 0.50% vs. 0.60% prior.

GBP/USD - Last: 1.6070

Resistance

1.6125

1.6175

1.6230

Support

1.6085

1.6050

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