British Pound (GBP)

The pound regained previous loses against the dollar and adhered the gap from yesterday after BOE MPC Member Andrew Sentence said that interest rates should rise in order to restrain the inflation. The CBI Industrial Trends Orders came out -8 better than expected -9 thus supporting the Sterling to advance. Holding above the support area of 1.6170 might push the pair to the 1.63 zones. Overall, GBP/USD traded with a low of 1.6074 and with a high of 1.6184. Today, the Retails Sales are expected at 0.5% vs. -0.8% previously. BOE Gov, Mervyn King expected to testify as well.

GBP/USD - Last: 1.6165

Resistance

1.6185

1.6220

Support

1.6120

1.6070

1.5980

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