No economic data to warrant any move in the pound sterling as the underlying currency continued to make haste against the US dollar counter. Confidently breaking through the 1.9850 in the overnight session, the British pound was able to hit a 1.9888 session high before being taken back a bit in the New York afternoon.
All eyes are now fixated on tomorrow?s Bank of England meeting minutes, as reactions are likely going to make or break the currency. With little to no data left for the week, momentum is going to carry (no pun intended) the pound sterling higher or lower dependant on the revealed vote in this month?s meeting. As a result, rest assured that if the vote is unanimous or continuously hawkish, market consensus of a revisit to 2.0000 will unfold heading into the weekend. However, should a lone dissenter arise from the ranks, the sentiment is likely to shift as pound bidders will be left racing for the door. This will set up near term support below 1.9850.