GBPUSD moves higher after keeping rates and Asset Purchase Target unchanged

The price of the GBPUSD is taking another step higher after the BOE kept the rates and the Asset Purchase Target unchanged (at 0.5% and 325B respectively). The price is above the topside trend line (at 1.5551) and moves toward the low from March 12th at 1.5601. The 1.5551 is now support for the pair. Stay above this level and price should continue higher.

Above the 1.5601 the next key targets become the 1.5642-47 area (lows from February) and the 1.56613 level (38.2% of the move down from April high).