GBP/USD rises to 1.5785, 2-week high

FXStreet (Córdoba) - GBP/USD continued to rally from 1.5609 and reached at 1.5785 the strongest level since the beginning of the month. Afterwards it pulled back and it was trading at 1.5745, with a gain of a hundred pips for the day.

The pair weakened earlier after the release of inflation data from the United Kingdom: the Consumer Price Index fell to 1% in November, the lowest rate in 12 years; below expectations of a 1.2% reading.

But then GBP/USD turned sharply to the upside, breaking an important short term resistance located around 1.5740. So far it has been able to hold above 1.5740 but remains near that level. A daily close above would be the highest since November 26.