FXstreet.com (Barcelona) - The Sterling is trading higher during the American session against the Greenback on the back of the Stock markets advance. GBP/USD has risen around 100 pips from 1.6300 to post 1.6425 as fresh highest level since September 24.
Currently the pair is trading around 1.6400/10, on consolidation mode and 0.50% above today's opening price action at 1.6315.
The ecPulse.com analysis team affirms: The sterling-dollar pair showed an incline on the daily chart, but on the 4-hour and 1-hour charts, the pair declined. The pound continued its rise for the fifth day on previous speculations the BoE will suspend stimulus on signs of recovery.
Andrew Wilkinson, analyst at Interactive Brokers LLC, comments: The British pound lost a little of its late week head of steam after reports of an interview with the latest addition to the Monetary Policy Committee, Adam Posen, who apparently told London's Sunday Times that he favors an extension of the asset purchase program. A Financial Times interview with an influential insider at the Bank of England inferred policy makers might adopt a wait and see approach. This bolstered the fortunes of sterling last week, while it pared some gains today to stand at $1.6307.