Last week’s resurgence in inflation in the UK was confirmed by the rising CPI. This coming week the Bank of England will consider this and probably extend the ‘higher for longer’ interest rate settings. This will support the stronger GBP, with any dovish sentiment from the Fed, only adding to the Cables strength.
Current Level: 0.5184
Support: 0.5151
Resistance: 0.5215
Last week’s range: 0.5165 – 0.5204