GBP rose against a basket of currencies on Wednesday, continuing its gains for a second straight day against USD, as recovery from a two-week low and hopes for a smooth exit from the European Union continue. Which provides evidence of the possibility of raising British interest rates in the near future.

GBP was up 0.25% at 07:35 GMT, trading at $ 1.3010, the opening price at $ 1.2977, the highest at $ 1.3034 and the lowest at $ 1.2949.

GBP ended yesterday’s trading up 1.05% against the dollar, its first gain in four days, recovering from a two-week low of $ 1.2827 recorded the previous day, supported by the suspension of the greenback against most major and minor currencies.

The pound’s recovery also supported news that the EU has reached a tentative agreement allowing the UK to secede from the European Union to avoid anarchy.

But the challenge now faces British Prime Minister Teresa Mae to get parliament’s approval of the deal, as supporters of the secession see the over-surrender to EU terms.

Investors are looking forward to important UK data on key inflation levels in October, which provides strong evidence of the possibility of raising British interest rates in the near future.

The annual consumer price index, which is expected to rise by 2.5% in October, is expected to rise by 9:30 GMT in October from a 2.4% rise in September, with the exception of food and fuel prices expected to rise 1.9%.

The annual producer price index for expected inputs is up 0.6% in October from a 1.3% rise in September, producer prices for expected output rose by 0.2% and the previous reading rose by 0.4%.