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GBP/USD could retest $1.72
Currently, as they are prone to doing, currency markets are in the process of jumping the gun following confirmation that the UK inflation rate was back up to the BoE target levels of 2%. Previously, it was expected that the BoE would be unlikely to increase the base rate until well into 2015, however this currently being questioned. Confirmation of exactly how hawkish the voting members are will be made clear on the 23 July when voting from the last meeting is announced.
The impetus gained from this announcement may well be enough to see the highs from earlier in the month in GBP/USD once again being challenged, and a retest of the $1.72 region looks likely.