Investing.com – The pound was up against the U.S. dollar on Wednesday, rising to a fresh daily high, following the release of the Bank of England’s quarterly inflation report.
GBP/USD hit 1.6098 during European afternoon trade, a daily high; the pair subsequently consolidated at 1.6082, gaining 0.61%.
Cable was likely to find support at 1.5876, the low of October 29 and resistance at 1.6212, Monday’s high.
Earlier in the day, the Bank of England said in its quarterly inflation report that while it expected inflation to drop below 2.0% by the end of 2012, there was a "wider than usual divergence of views".
In the report, the central bank said, “There are significant uncertainties around the outlook for inflation. Chances of inflation being either above or below the target by the end of the forecast period are judged to be roughly equal”.
The pound was also up against the euro, with EUR/GBP shedding 0.58% to hit 0.8567.
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. The country was also due to publish data on its trade balance and import prices.
GBP/USD hit 1.6098 during European afternoon trade, a daily high; the pair subsequently consolidated at 1.6082, gaining 0.61%.
Cable was likely to find support at 1.5876, the low of October 29 and resistance at 1.6212, Monday’s high.
Earlier in the day, the Bank of England said in its quarterly inflation report that while it expected inflation to drop below 2.0% by the end of 2012, there was a "wider than usual divergence of views".
In the report, the central bank said, “There are significant uncertainties around the outlook for inflation. Chances of inflation being either above or below the target by the end of the forecast period are judged to be roughly equal”.
The pound was also up against the euro, with EUR/GBP shedding 0.58% to hit 0.8567.
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. The country was also due to publish data on its trade balance and import prices.