After moving downward to 1.677 in early of Asian trading session, GBPUSD reversed it trend to move up quickly and hit new 4 year high at 1.6853 at beginning of European trading session. The Cable may retrace back to 1.68 before continuing its uptrend today. 1.70 will be the next strong resistant for GBPUSD.
Key driver for the rally of the British Pound today is the official confirmation from Pfizer for its interest in AstraZeneca. Pfizer has issued a statement on the possible offer to AstraZeneca to show that Pfizer still interested in combination with AZ. The offer confirmed previously submitted a £46.61 per share in both cash and stock; however talks between two parties ended thereafter.