GBP/USD hits a two-week high

The GBP/USD pair is recording solid gains in the week by about 1.19%. BoE’s Governor Bailey said that 50 bps rate hikes are on the table in the next meeting.

The GBPUSD grinds higher during the New York session, extending its rally to three straight days after falling close to 3.50% during the month, though the major trimmed some of its losses, mainly because of the positive UK employment report, risk on impulse, and also to BoE’s Governor Andrew Bailey’s comments stating that 50 bps will be on the table for the next meeting.

The GBP/USD opened near 1.1940s before sliding to the daily lows around 1.1920. However, the factors abovementioned lifted the pair towards its daily high at 1.2040 before retreating to current price levels. At the time of writing, the GBP/USD is trading at 1.2004, up 0.46%.