GBP surged against the major currencies on speculation that the BoE will announce a plan to allow banks to swap mortgages for Government bonds for periods of 1-3 years to increase liquidity. This news encouraged the investors to sell the greenback and look towards to the higher yielding pound.
TECHNICAL FOR THE DAY
Pound is expected to trade in the range of 1.9840-1.9960 levels for the day. With good support seen at 1.9830 and key resistance is seen at 1.9970 break above the resistance would see the currency at 1.9981.Currency is expected to be on a uptrend for the day. Stochastic and Relative Strength index is also supporting the view. Moving Averages are giving Bullish crossovers confirming the trend.
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