GBP/USD jumps to fresh highs at 1.5233, BOE eyed

FXStreet (Mumbai) - GBP/USD rallied above 1.5200 levels in the mid-European session, extending gains for the third straight session on better than forecasts UK Halifax House Price Index, while markets eye the Bank of England (BOE) meeting due later in the session.

1.5250 levels in sight

The GBP/USD pair traded at fresh session highs of 1.5233 levels, up 0.36% on the day, bouncing off day’s low posted at 1.5168 levels. GBP/USD climbed higher after house prices in the quarter to January rose 1.9%, which was the first quarterly increase in the last six months. On a month-on-month basis, prices increased 2%, comfortably above the estimates and up from December's 0.9%. UK’s housing data added to a string of upbeat economic releases from the Britain, bolstering the home currency.

In the session ahead, markets now eye BOE rate decision followed by BOE MPC statement for further direction on the GBP/USD pair. The BOE interest rate is expected to remain unchanged, amid signs the UK economy might have slowed less than expected.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5252 above which gains could be extended to 1.5270 levels. On the flip side, support is seen at 1.5168 below which it could extend losses to sub 1.5135 levels.