GBP/USD clinches fresh YTD tops near 1.3380

The upside pressure around GBP/USD stays everything but abated today, now moving higher to the vicinity of 1.3380, or fresh cycle peaks.

GBP/USD boosted by BoE, data

Cable’s further upside saw ‘green light’ today after the Bank of England delivered an upbeat tone at its meeting. The BoE left its monetary conditions unchanged, matching prior surveys, although the central bank now sees appropriate to withdraw some stimulus in the next months.

The upbeat momentum around GBP has been already boosted by higher-than-expected inflation figures during the month of August published on Tuesday.

The up move in spot has found echo in the solid performance from the key UK 10-year benchmark, which is navigating the area of 6-week tops around 1.20%.

GBP/USD levels to consider

As of writing the pair is up 1.11% at 1.3356 and a break above 1.3372 (2017 high Sep.14) would open the door to 1.3447 (high Sep.6 2016) and finally 1.3481 (high Jul.15 2016). On the flip side, the immediate support lines up at 1.3159 (low Sep.8) seconded by 1.3112 (23.6% Fibo of the 2017 up move).