The GBPUSD moves sharply higher in the London morning session. Slightly higher CPI and comments from BOE Posen (he may rethink if UK core inflaton is persistent) kept the bid in the market. The pair moved up toward the recent highs. On April 11th there was an initial high price at 1.5969 and a high close on the hourly bar both at 1.5969. That is where the price peaked in today’s trade.
With the trend higher today, traders will be watching the 1.5938-45 for early trading support. If the price can hold this area, the bias remains supported for the pair as the burden is on the bears to push the price lower. A move below this level will be indicate that the high may be in place for the time being.
