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GBP/USD ticks higher after Broadbent’s comments

FXStreet (Mumbai) - The GBP/USD pair rose to a session high of 1.5235 after BOE’s Broadbent said the November yield curve pushed the CPI forecast over 2% in 2016.

Runs into Fib resistance

The spot ran into resistance at 1.5248 (50% of Apr-Jun rally). Broadbent’s comments on the inflation forecasts came a day after the official data in the UK showed core inflation ticked higher in October. Broadbent also said the yield curve is currently very flat and the shocks can lengthen time to return CPI to target.

The bullish move also appears to be on the back of broad based USD selling seen in the European session.

GBP/USD Technical Levels

At 1.5236, the immediate resistance is seen at 1.5248 (50% of Apr-Jun rally), above which the spot could target 1.5262 (50% of 1.5497-1.5027). On the other hand, a failure to sustain above 1.52 could see the pair re-test Tuesday’s low at 1.5154.

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