GBP/USD breaking higher as BoE gear up to hike
GBP/USD has been on the rise of late, with the pair breaking through $1.375 resistance on Friday. Comments from Governor Bailey over the weekend built the case for the 2021 rate hike, with rising inflation clearly a concern. There is still a possibility we are watching a bearish retracement here, with the 76.4% Fibonacci resistance level up ahead to consider ($1.3795).
However, with the pair on the rise, it makes sense to follow the intraday uptrend until we see that broken. With that in mind, bullish positions are favoured above the $1.3667 swing low.
Read More: EUR/USD, GBP/USD and USD/JPY on the rise once again | Levels to Watch