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GBP/USD testing technical resistance at 1.2848 once again
The rise in the Pound today was given a boost by the reported BOE comments on monetary policy. That lifted the Pound versus the dollar, Yen and the Euro and it has not backed off much since. In fact, the GBP/USD has now tested that important technical level at 1.2848 once again. The high seen so far has been set at 1.2846, which matches the high seen on Monday. The GBP/JPY has also advanced further and is still on the rise right now, trading above 207.75 today, for the first time since 2008. The EUR/GBP has fallen towards 0.8425 as well and so the Pound is the strongest currency amongst the majors this afternoon. However, it remains to be seen, if that 200 week moving average level at 1.2848 will continue to cap the topside in the GBP/USD today or not. It has done the job so far this week though, with the GBP/USD currently trading at 1.2845
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