GBP/USD has broken out of a 6 month on the weekly chart to the upside. The initial surge occurred at the key psychological level of 1.5 forming a triple bottom formation.
This suggests that the pressure is diminishing and that we may see an established reversal. A retest of the backside of the channel and 1.52 as new support will be confirmation of a change in sentiment.
1. Expectations for a timely Fed Rate-Hike are diminishing on dovish Yellen.
2, Expectations remain strong for a U.K Rate Hike
3. Governor Mark Carney retains Hawkish Tone
4. UK GDP within expectations for Q4 at 0.5%
5. U.S. GDP expanded by 2.2% in the fourth quarter of 2014, below initial estimates for a growth rate of 2.6% but above expectations for 2.1%.