GBPUSD trades higher on rate hike hopes, targets 1.5800

FX:GBPUSD   British Pound / U.S. Dollar
454 0 7
GBP/USD             is trading higher on account of policy divergence between different central banks

The Monetary Policy Committee ( MPC             ) voted unanimously in favor of keeping the Bank Rate at 0.5% and the stock of purchased assets unchanged at GBP375bn.

The wage growth has picked more than expected in recent months. This confirms that inflation will reach 2% target much more anticipated.

Technically GBP/USD             is facing strong trend line resistance around 1.5650 and nay break above will reach 1.5750/1.5800 in short term.

The pair's major support is around 1.5530 any any break below confirms short term weakness , decline till 1.5400 is possible .

The minor support are at 1.5600/1.5580/1.5530.

It is good to buy at dips around 1.5610-15 with SL around 1.5525 for the TP of 1.5750/1.5800.

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