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Great Britain's economic recovery is gaining momentum, but the Bank of England policymakers held different views about the amount of slack in the economy and the medium-term inflation outlook, the minutes from their April 9 meeting showed.The minutes noted no other differences among the MPC members, who voted unanimously to keep interest rates at a record low 0.5 percent. Britain's economy is growing strongly, and in February the BoE upgraded its growth forecast for 2014 to show expansion of 3.4 percent, which would be the country's fastest growth since 2007. Last year, the economy grew by 1.7 percent.
Technical view-
The pair has been in an uptrend from 1.6465 levels and made a new high at 1.6842 levels. On higher levels the pair is facing strong selling pressure at 1.6823. A new leg will start on a day close above 1.6823 for targets at 1.6911 and 1.70 levels. For safe bull traders, one can enter long only after a day close above 1.6823 levels. Please wait patiently. Sellers can hold shorts with sl 1.6823 on cb or 1.6842 levels. Don't hold shorts once the pair closes above the 1.6823 or trades above 1.6843 levels. On the down side, the pair has strong support at 1.6750 levels. Sellers get a change to hold this pair only if it breaks the 1.6750 levels, otherwise bulls will try to take the pair towards 1.6823, 1.6845, 1.6911 and 1.70 levels. Once the pair breaks the 1.6750 levels, it will drift up to 1.6720 and 1.6696 immediately and later 1.6671-1.666 will be on the cards. Until the pair holds the 1.6554 levels, we expect it will move upwards to new highs. The pair was unable to cross last week's high at 1.6842, this week's high at 1.6839.
Intraday-
In Asia, the pair is trading at 1.6783 levels. The level of 1.6780 is the very crucial to hold, below that 1.6770-1.6750 is the support zone. In the H4 chart, a candle close below 1.6780, bears will have an upper hand. I expect today the pair will take the support and pull back up to 1.6823 and 1.6837 levels. Risky traders can enter longs at cmp 1.6783 with sl 1.6763 for targets at 1.6823. Fresh up move will take place only above 1.6842 for 1.6911 on an intraday basis. The major support levels exist at 1.6763, 1.6684, 1.666, and 1.6554 levels.
Buy with sl 1.6763 for targets at 1.6823 and 1.6842. Add more above 1.6842 with targets at 1.6911 and 1.70.