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GBP/USD near 1.5000 on BoE

FXStreet (Edinburgh) - The sterling is inching higher on Wednesday, pushing GBP/USD to the upper end of the range in the proximity of 1.5000 the figure.

GBP/USD firmer on BoE minutes

The pound is gathering some traction now, after the BoE minutes showed a repetition of the 9-0 voting pattern favouring a steady stance in monetary policy, with the refi rate at 0.5% and the asset purchase facility at £375 billion. Members also argued that the strong pound is undermining the increase in Core prices; they also see inflation turning negative in the upcoming months and added that UK wages need to improve in order to reach the 2% inflation target.

The pair has managed to recover from April troughs in the 1.4600 neighbourhood, although the area at/above the psychological 1.5000 mark still remains a tough barrier for a more sustainable advance.

GBP/USD relevant levels

At the moment the pair is advancing 0.42% at 1.4990 with the initial hurdle at 1.5008 (high Mar.19) and then 1.5053 (high Apr.17). On the other hand, a breakdown of 1.4857 (low Apr.21) would target 1.4813 (low Apr.16) en route to 1.4798 (200-h MA).

EUR/GBP drops to fresh lows below 0.7180 post BOE minutes

The British pound fought back its lost ground versus the shared currency in the European session; pushing EUR/GBP to fresh session lows, as the BOE minutes release came in line with expectations offering no new surprise with a unanimous unchanged monetary policy stance.
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UK election jitters not feeding through to a soft Pound – Investec

Jonathan Pryor, Head of FX dealing at Investec, mentions that with Torries set to take the most seats in the UK elections, the prevailing Tory biased effect on the GBP is yet to be seen.
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