In the Asian session on Thursday (October 27), GBP/USD finished higher and fell back, currently trading around 1.1625. As of 10:32, the latest price of GBP/USD was at 1.1605, a decrease of 0.17%. The lowest price of GBP/USD in the previous trading day was 1.1428, and the closing price was 1.1617. Sterling is likely to extend its rally after rising above the key 1.15 level, led by investors pulling out of safe-haven assets.
He also said the recovery was more likely driven by a global reassessment of risk than a further re-rating of the UK outlook; for EUR/GBP, 0.8650-0.8750 could be the near-term trading range. Analyst Chris Turner said a break above that level could take GBPUSD to 1.1750.
GBP/USD technical analysis
In Tokyo, GBP/USD is heading towards the circular resistance at 1.1700. The cable hit a fresh 6-week high at 1.1639 and is expected to rise further, led by upbeat market sentiment and optimism injected by the new US leadership.
