• GBP/USD edged higher on Tuesday as investors reacted to comments from Bank of England Chief Economist Huw Pill.
• BoE Chief Economist Huw Pill said recent interest rate cuts may have been too rapid, citing strong wage-driven inflation pressures.
• He noted that his vote to hold rates this month was likely just "a skip," not a full stop to further tightening.
• The Bank of England reduced its key interest rate to 4.25% on May 8, but the decision revealed a three-way split within the Monetary Policy Committee.
• At GMT 11:28, the pound was up 0.05% to 1.3371 against the dollar.
• Immediate resistance is located at 1.3416(23.6%fib), any close above will push the pair towards 1.3463(Higher BB)
• Strong support is seen at 1.3280 (May 19th low) and break below could take the pair towards 1.3219 (38.2%fib).
Recommendation: Good to buy around 1.3380, with stop loss of 1.3250, and target price of 1.3500
