7 May 2014
GBP remains well bid near 1.7000 - Investec
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, remarks the recent sharp upside of the GBP/USD near 1.7000.
Key Quotes
"Strong UK Services PMI’s yesterday helped GBPUSD break through previous highs of 1.6921 and rocket to new 4.5 year highs, just shy of 1.7000".
This psychologically important level halted progress at the first attempt through but the pair has retained most of its gains in the overnight session, ahead of tomorrow's important Bank of England meeting".
This is the first meeting since UK unemployment has moved below the 7% trigger level and as a result, many in the market are expecting a statement accompanying this month’s decision."
Key Quotes
"Strong UK Services PMI’s yesterday helped GBPUSD break through previous highs of 1.6921 and rocket to new 4.5 year highs, just shy of 1.7000".
This psychologically important level halted progress at the first attempt through but the pair has retained most of its gains in the overnight session, ahead of tomorrow's important Bank of England meeting".
This is the first meeting since UK unemployment has moved below the 7% trigger level and as a result, many in the market are expecting a statement accompanying this month’s decision."