FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, sees the recent UK data supporting an early hike by the BoE.
"The biggest event from yesterday turned out to be UK inflation data early in the London session, where UK consumer prices unexpectedly rose up towards the BoE's medium term target, registering a rise of 1.9%. This reaffirmed market expectations of rate rises starting later this year in the UK."
"GBPUSD jumped from the low of 1.7060, strengthening the long term 1.7050 pivot level as a base for the pair, to rally through the 2014 high to eventually trade above 1.7190. With Carney's testimony on Financial stability a non-event for the pound, next up it was Fed Chairwoman Yellen's chance to shake things up with her semi-annual testimony to the Senate."