All Investors have been looking for signs that the (BOE)Bank of England would soon raise interest rates. Inflation rose to twice its permitted ceiling LAST WEEK.
In an unexpected twist to finish the week weather-weary consumers drove retail sales back from the winter doldrums to the strongest advance since February 2010. While sales excluding cars and fuel surged by 1.6% and far faster than a 0.5% forecast,
And investors began to sense that there may be room for monetary tightening after all.
GBP/USD Weekly Chart
Looking at the Daily Chart, the ‘buy zone near 1.6100-1.6200 that suggests strong momentum for more upside. While there is real near term resistance ahead at the prior top from November around the 1.6300 zone, a look at the weekly CHART above reveals that if the cable can clear the 1.6300 resistance area it has room to run up to the 1.6530 areas, and after that up to the 1.6847 zone.
In an unexpected twist to finish the week weather-weary consumers drove retail sales back from the winter doldrums to the strongest advance since February 2010. While sales excluding cars and fuel surged by 1.6% and far faster than a 0.5% forecast,
And investors began to sense that there may be room for monetary tightening after all.
Hawkish comments by MPC member Andrew Sentance, and further fueled by
Rumors that MPC member Bean may become the third hawk on the committee.
GPB/USD daily with Ichimoku Chart
GBP/USD Weekly Chart
Looking at the Daily Chart, the ‘buy zone near 1.6100-1.6200 that suggests strong momentum for more upside. While there is real near term resistance ahead at the prior top from November around the 1.6300 zone, a look at the weekly CHART above reveals that if the cable can clear the 1.6300 resistance area it has room to run up to the 1.6530 areas, and after that up to the 1.6847 zone.
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