GBP/USD reverses and hits fresh weekly highs above 1.6800

FXStreet (Córdoba) - The GBP/USD printed a fresh high at 1.6810, reaching the strongest levels since May 28. The pair remained steady after the decision of the Bank of England to keep the monetary policy unchanged as expected but volatility increased after announcements made by the European Central Bank.

Cable soared against the Euro and the Swiss Franc as the ECB cut rates but the GBP/USD fell to 1.6722, hitting a daily low. Afterwards the Euro surged in the market once Draghi’s press conference ended and the GBP/USD reversed sharply to the upside, climbing almost a hundred pips from the lows.

The pair remains near the highs of the day, trading at 1.6794, headed toward the best day in two weeks.