Research Team at Investec, notes that the Pound hit one month highs against the US Dollar yesterday trading back up to 1.4500 after the pair's recent foray under 1.4000.
“First a dovish message from the FOMC on Wednesday evening sent the greenback lower, confusing markets that were expecting a 'data dependent' Fed to be more hawkish as inflation and employment both continue their recovery.
Then the Bank of England (BOE) yesterday signalled to markets a rate cut is unlikely as minutes didn't show such a move was even discussed. The Pound continued higher triggering a number of short term resistance levels and putting us within touching distance is some very key resistance between 1.4560 and 1.4640.”
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