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Forex News: Pound Advances On BoE Rate Hike Bets

Pound Advances On BoE Rate Hike Bets

01/11/2022 - 07:40:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Tuesday, buoyed by hopes for a further rate hike by the Bank of England in February.

Analysts are assigning a 50 percent possibility of a rate hike by next month due to inflationary pressures.

The currency was also supported by a fall in the dollar amid a pullback in treasury yields.

Investors looked forward to the testimony from Fed Chairman Jerome Powell and U.S. inflation data for more clues on the pace of tightening of monetary policy.

European shares rose, with a softer dollar lifting oil prices ahead of key events.

Data from the British Retail Consortium showed that U.K. retail sales increased in December despite the recent Omicron outbreak.

Retail sales grew 2.1 percent on a yearly basis in December. For the whole year of 2021, retail sales were up 9.9 percent.

The GBP/CHF pair hit 1.2609, its strongest level since October 28. The pound is likely to face resistance around the 1.28 region, if it gains again.

The GBP/JPY pair reached as high as 157.14 from yesterday's close of 156.37. The pound may locate resistance around the 161.00 mark.

The GBP/USD pair jumped to its highest level since November 4, at 1.3619. The pound is likely to challenge resistance near the 1.38 region.

The EUR/GBP pair fell to 0.8323, a level not seen since February 2020. Immediate resistance awaits near the 0.82 region.

Looking ahead, at 10 am ET, Jerome Powell will testify before the Senate Banking Committee on the renomination to chair the Federal Reserve Board of Governors for a second term.

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