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GBP/USD gives back a little of yesterday’s gains
Following yesterday’s release of voting data by the Monetary Policy Committee from their last meeting, sterling gained strength against the US dollar. Helping to drive sterling strength was the better-than-expected monthly retail sales figures from the UK. It is becoming increasingly clear that the speed and momentum of the UK recovery is greater than that of the US and as such, GBP/USD continues to have upward pressure. These latest figures put renewed expectation on the Bank of England to start talking about when it will begin raising the UK base rate.
Last night’s comments from Janet Yellen did nothing to alter the balance, and only an overnight selloff in the Asian markets trading hours has prevented an even higher level being hit.
Although GBP/USD hit selling pressure when it popped above $1.69, it still looks likely that we will see this level being broken probably sooner rather than later.