GBP/USD is trading up 0.15% at 1.3104
The U.S. dollar edged higher Friday, boosted by strength against the Japanese yen, while the euro pushed higher following the hawkish turn by the European Central Bank.
At 3 AM ET (0800 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 98.627.
USD/JPY rose 0.5% to 116.70, climbing to its highest level since January 2017, and up 1.5% this week, its biggest weekly gain since October.
This move follows Thursday’s release of data showing that U.S. consumer prices surged 7.9% year-over-year in February, the largest annual increase in 40 years.
Both the Federal Reserve and the Bank of Japan have policy meetings next week, but while this inflation release all but confirms the Fed will tighten monetary policy in the form of an interest rate hike, the BOJ is set to retain a dovish monetary policy.
EUR/USD edged higher 0.1% to 1.0984, the day after the European Central Bank announced it would be speeding up its plans to tighten monetary policy, phasing out all of its asset purchases in the summer if inflation fails to come down fast enough.
Elsewhere, GBP/USD was flat at 1.3081, despite Britain’s economy rebounding much more than expected in January, with GDP climbing 0.8% on the month in January after a 0.2% decline in December.
The Bank of England policymakers meet next week and were already widely expected to hike interest rates once more, even before this stronger than expected data.
On technical fronts GBP/USD RSI stood at 32.22 and currently it is trading below all MA. So, SELL position can be taken with following target and stoploss:
TRADE SIGNAL – : GBP/USD – SELL: 1.3107, TARGET: 1.3093, STOP LOSS : 1.3123