GBP/USD lifts to European session highs as 1.3298 looms again

Earlier this morning an update noted the high seen in the GBP/USD yesterday, at 1.3298. That price point was the 2022 high and it had been the focus of so many recent updates here. The slide in the Pound earlier today had already given way to another rebound earlier this morning and that rebound has now extended closer to this important level. The high seen a moment ago was just set at 1.3282. So, as you can see this is now closer to that which capped the topside to the pip last night. As to whether this gets taken out ahead of, or after the BOE policy decision remains to be seen. If it is beforehand then it might constitute a false break, which could be reversed, if the BOE does surprise and cut the base rate later this morning. Right now, the markets do not expect such a surprise, but folks we are in the realm of surprises this week, as you saw yesterday evening. The GBP/USD is currently trading at 1.3281