British Pound (GBP)

The pound strengthened against the dollar before reports this week which may show inflation is gathering pace, further reinforcing speculation that the Bank of England will raise interest rates this year to curb price growth. The GBP/USD's support is at 1.6000 on the daily chart and the resistance level is located at 1.6200. Overall, GBP/USD traded with a low of 1.5981 and with a high of 1.6077. Today, the CPI is expected at 4.00% vs. 3.70% previously and the BOE Inflation Letter will be published only when the CPI is above 3.0%.

GBP/USD - Last: 1.6050

Resistance

1.6100

1.6170

1.6265

Support

1.6000

1.5965

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