Sterling outperformed all the major currencies since March 15 - BBH

Research Team at BBH explains that the sterling rallied a little more than four cents since the Fed's hike as the hawkish dissent at the Bank of England and a less neutral sounding statement, coupled with a better than expected retail sales report (despite softer income growth), helped sterling outperform all the major currencies since March 15.

Key Quotes

“Over this period, sterling has not closed below its five-day moving average (~$1.2465) and to do so now could signal a pullback of two cents toward $1.2320, the 50% retracement of the recent advance, and the 20-day moving average.   On the upside, a move above $1.2530 signals scope for another half-cent rise before meeting what is likely to be stiffer resistance.”