The pound rallied to a five-month high against the U.S. dollar on Friday, as the announcement of fresh easing measures by the Federal Reserve boosted demand for risk-related assets.
GBP/USD hit 1.6250 during European afternoon trade, the pair's highest since April 30; the pair subsequently consolidated at 1.6242, climbing 0.54%.
The Fed announced on Thursday that it would buy USD40 billion of mortgage-backed securities every month and would keep buying them until the job market improves.
The Fed also said it expects to keep short-term interest rates at record low levels through at least mid-2015, six months longer than previously anticipated.
Later in the day, the U.S. was to publish official reports on consumer price inflation, retail sales and business inventories. The University of Michigan was also to produce preliminary reports on consumer sentiment and inflation expectations.
On Weekly Chart also GBPUSD has given very strong breakout above trendline. If GBPUSD manages to cross 1.6295 then i will open this trade next week for target of 1.6616, 1.6740 with a stop loss of 1.6172
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