Over the past few days we have been talking about the potential of the GBP/USD rising to 2.10 and today not only has that price level been achieved but the GBP/USD traded as high as 2.1073 at the beginning of the US trading session. The only piece of UK economic data released was the shop price index for the month of October.
Like the Eurozone, the UK also faces inflationary pressures. The Bank of England will be announcing their interest rate decision tomorrow. We expect this to be a nonevent since the BoE will not be altering interest rates and when no change is made, they typically do not release a statement.