The buying interest around the British pound remains on the rise on Wednesday, now sending GBP/USD to print multi-week tops in the mid-1.5700s.
GBP/USD boosted by BoE, FOMC on sight
The pair sees its upside extended today following the positive tone from the BoE minutes, with the central bank now seeing inflation figures gathering traction towards the end of 2015 and that interest rate increases will be gradual. Adding to the upbeat sentiment, the ‘Old Lady’ stressed that headwinds to the economic growth have started to ease.
Ahead in the session, the current GBP upside will be put to the test in light of the FOMCmeeting and the subsequent press conference by Chairwoman J.Yellen.
GBP/USD levels to watch
The pair is now advancing 0.59% at 1.5740 with the next hurdle at 1.5749 (high Jun. 17) ahead of 1.5769 (high May 13) and finally 1.5815 (high May 15). On the other hand, a breach of 1.5542 (low Jun.16) would aim for 1.5488 (200-d MA) and then 1.5468 (low Jun.12).