• GBP/USD hovered near two-month high on Tuesday as markets looked to remarks from the Bank of England's chief economist.
• Traders were closely monitoring Bank of England chief economist Huw Pill, who was scheduled to make closing remarks at a conference around 1400 GMT, hoping for any insights into future policy moves.
• On Monday, BoE policymaker Swati Dhingra challenged market interpretations, clarifying that the central bank's indication of "gradual" rate cuts did not suggest one 25 basis point cut per quarter.
• Markets are currently pricing two further 25 basis point rate cuts by the Bank of England.
• At GMT 11:51, pound was last trading up 0.15% to $1.2643 against dollar.
• Immediate resistance is located at 1.2707(23.6%fib), any close above will push the pair towards 1.2747(Higher BB).
• Support is seen at 1.2593(50%fib) and break below could take the pair towards 1.2496(0%fib).
Recommendation: Good to buy around 1.2640 with stop loss of 1.2580 and target price of 1.2700
