Investing.com – The pound was up against the U.S. dollar on Wednesday, rising to a daily high ahead of the release of the Bank of England’s quarterly inflation report.
GBP/USD hit 1.6022 during early European trade, the daily high; the pair subsequently consolidated at 1.5999, gaining 0.09%.
Cable was likely to find support at 1.5876, the low of October 29 and resistance at 1.6212, Monday’s high.
The BoE's quarterly inflation report was due out later in the day. The press conference following the report was expected to indicate how seriously policymakers considered following the U.S. Federal Reserve's lead and expanding the BoE's quantitative easing program.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.16% to hit 0.8630.
Later in the day, the U.S. was to release its weekly report on initial jobless claims. The data was being released one day earlier than usual due to a U.S. public holiday.
GBP/USD hit 1.6022 during early European trade, the daily high; the pair subsequently consolidated at 1.5999, gaining 0.09%.
Cable was likely to find support at 1.5876, the low of October 29 and resistance at 1.6212, Monday’s high.
The BoE's quarterly inflation report was due out later in the day. The press conference following the report was expected to indicate how seriously policymakers considered following the U.S. Federal Reserve's lead and expanding the BoE's quantitative easing program.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.16% to hit 0.8630.
Later in the day, the U.S. was to release its weekly report on initial jobless claims. The data was being released one day earlier than usual due to a U.S. public holiday.