 Hello, welcome to today's CMC Markets currency snapshot with myself Jasper Lawler Today, we're going to be focusing on the British pound Which has seen the British pound against the US dollar against the Japanese yen and against the euro Surging up to multi-year highs of late and we want to see whether that can be sustained So interest rates in the UK at the moment are still at 0.5% and have been for over five years And so the reason for the pound strength is that there's increasing speculation That the Bank of England are going to raise the interest rate in the UK quicker than other countries around the world and The economic data is suggestive of an improving economy. We've seen real wage growth Increase over inflation We've seen unemployment drop below the Bank of England's threshold and we've seen 0.8% GDP growth this quarter that compares with just 0.1% in the US So all the data is suggestive of a stronger pound. It's just a matter of how the Bank of England react the two Possibilities that we're looking at here is that they are starting to they do start to talk a bit more hawkish Meaning they imply the interest rate raises rises are close by that or What they're what we're also looking for is some further talk about the UK housing market Which is looking rather overheated at the moment So if their stance tends to be more towards just treating the housing market rather than an overall raise of rates That may actually turn out to be negative for the pound whereas a raise in rates would actually be positive for the pound So the Bank of England meeting is today and we'll see how the pound reacts Now I want to pull up a couple of charts Just to see where we are in terms of price levels if you have a look at the the pound against the US dollar We're pushing right up into this 170 level now on this short-term chart We can see where the uptrend line is holding the RSI is a bit overbought But the RSI 70 May align with this 169 20 as possible support if we do see some Reaction, but otherwise the the price is looking strong It's pushing right into those highs Let's have a good now and that's now have a look at the pound against the Japanese yen The the high has been 175, but the key level right now really is about 173 60 So you can see similar action to the pound against the US dollar pushing right into the highs the other chart to have a look at here is the euro against the British pound and 0.817 0 is the low that we're pushing into Equivalent to a high in a British pound or pound against the pound against the dollar or pound against the yen We're looking at pushing into a low at the euro against the British pound Okay, thank you for watching the currency snapshot for today Let's see what happens with this Bank of England meeting and see if we can finally break some of these important price levels for the British pound. Thanks a lot. My name is Jasper Lawler