The BOE Inflation Report and comments from Mark Carney were viewed as hawkish today. The GBP/USD is reflecting this in the price action as the pair breaks higher. Also, please note the GBP is strong against the EUR, CAD, AUD, NZD and CHF as well.

The GBP/USD looks set to test the 1.5480 and the 1.5800, which would be the 38% retracement of the drop from July 2014.

Blake Morrow

Chief Currency Strategist, Wizetrade