Forex Pros – The pound was up against the U.S. dollar on Wednesday, climbing to a two-day high as markets awaited the release of the minutes of the most recent Bank of England policy meeting.
GBP/USD hit 1.6227 during late Asian trade, the pair’s highest since February 21; the pair subsequently consolidated at 1.6206, adding 0.43%.
Cable was likely to find support at 1.6099, Tuesday’s low and resistance at 1.6262, the high of February 18.
Later in the day, the Bank of England was to release the minutes from its February 10 policy meeting, when it kept its benchmark interest rate unchanged at 0.5%.
BoE monetary policy committee member Martin Weale said on Tuesday that “a small increase in the rate may prevent a more rapid tightening laterâ€.
Meanwhile, the central bank’s deputy governor Paul Tucker said late Tuesday that, “Inflation is a worry, there’s no doubt about thatâ€, while adding that “there is a real dilemma on whether to raise interest rates.â€
Meanwhile, the pound was down against the euro, with EUR/GBP rising 0.08% to hit 0.8465.
Later in the day, the U.K. was to release data on mortgage approvals, while the U.S. was to publish industry data on existing home sales.
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