The GBP/USD has moved higher in early trading this morning, building on upwards momentum generated late on Wednesday.
The GBP/USD is near the 1.23150 ratio as of this writing while challenging highs not seen since early February of this year.
. The Bank of England will announce its Official Bank Rate today and a quarter of a point hike is anticipated. Certainly, there are no guarantees regarding what the BoE will undertake today, but it seems likely the U.K central bank will not want to rock the financial boat and will mirror the Fed and ECB regarding rhetoric and actions.Speculative pursuit of the GBP/USD higher may be attractive for day traders as they look at technical charts.
What is interesting is the potential the BoE says it will have to remain vigilant regarding inflation This sets up the contrarian notion the GBP/USD may have gained too swiftly and may face some short-term downward pressure, opening the door for choppiness today and tomorrow.
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