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GBP/USD rises above 200 week moving average
The important technical level at 1.2848 did manage to cap the topside in the GBP/USD for most of the session yesterday. However, right on the US close the Pound managed to edge past it and post a daily close at 1.2849. That close has provided some impetus so far today, because the GBP/USD has extended the move slightly, reaching 1.2864 earlier. The move higher in the Pound comes as the dollar edges lower in a broader sense and also comes ahead of a whole batch of UK economic data, due to be released at 6am GMT. There will be more to add on that in an update a little later on. The noted hawkish comments from the Bank of England chief economist, Huw Pill yesterday are also a core reason for the gains in the Pound since this time yesterday, as UK money market rates edge higher following his comments. The GBP/USD is currently trading at 1.2857
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