GBP/USD buoyant near 1.5630

GBP/USD buoyant near 1.5630
FXStreet (Edinburgh) – The bid tone remains firm around the sterling on Wednesday, with GBP/USD keeping the upside momentum near 1.5630.

GBP/USD stronger post-BoE, Miles

The pair gained further upside momentum after the positive comments by MPC member D.Miles, stating that rate hikes will be gradual and UK inflation should return to the target by year-end.

The subsequent release of the BoE minutes showed the Committee unanimously voted to keep both rates and the asset purchase facility unchanged, although now the decision to hike rates was more finely balanced for several members.

GBP/USD relevant levels

At the moment the pair is advancing 0.48% at 1.5631 and a break above 1.5672 (high Jul.17) would open the door to 1.5700 (psychological level) and then 1.5734 (high Jul.1). On the flip side, the immediate support aligns at 1.5550 (low Jul.22) ahead of 1.5500 (psychological level) and then 1.5450 (low Jul.17).
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GBP/USD buoyant near 1.5630
Source: FXStreet