Sterling eyes $1.55
The pound is edging higher ahead of Mark Carney’s speech at One Bank’s research agenda launch at 10am (London time). The market is expecting a continuation of the hawkish commentary that has been coming out of the Bank of England recently. Even though the minutes from the latest BoE meeting showed that all nine members were in favour of keeping interest rates unchanged, two of the members were leaning towards a rate rise, and this was enough to trigger a round of buying.
GBP/USD has been in an upward trend since the start of the month and the short-term trend is showing no signs of slowing down. The $1.55 mark is currently acting as resistance and a move through it makes $1.56 the target. Beyond that traders will look to $1.57. If GBP/USD fails to breech $1.55, then the downside support at $1.5460 will be in sight and if that mark is punctured then $1.54 will be the target.