The combination of the Bank of England’s decision to refrain from adding to its quantitative easing program and the general improvement in risk appetites helped push GBP/USD to the 1.6270 level. That level held the top side on three separate assaults and traders have decided to book short-term profits in still unsettled markets. Profits are a rare things these days so, they should be harvested before they whither.
Cable tipped to 1.6190 before stabilizing. More support lies down at 1.6165/70.
Just crossing the wires now are comments from PM that any reserve currency discussion is something for the long-term and any move would be too destabilizing now.
