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GBP/USD fell sharply yesterday after some dovish comments by BOE governor Mark Carney. Selling accelerated after all three economic data reports (labour market, inflation, retail sales) came in weaker than expected. 1.40 - 1.4050 is the initial support. A break below would target 100 DMA. 1.4125 - 1.4150 is a resistance.
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GBP/USD falls despite some solid inflation figures
U.K. headline inflation came in above 3.0% for the first time since 2012. That means BOE governor Mark Carney will have to write a letter to chancellor Philip Hammond to explain it. Cable was unimpressed though and fell to a new intraday low (1.3320) after initial spike to 1.3380.
Cable jumps as Carney turns hawkish
Cable jumped a cent yesterday after BOE governor Mark Carney's commented that "some removal of stimulus likely to be needed as spare capacity erodes". There was some follow through overnight. U.S. dollar weakness across the board helps to sustain those gains.
The pair is trading just below 1.30 big figure level which is the initial target ahead of May high near 1.3050. A break above that is not all that unlikely in the days ahead. 1.29 - 1.2925 should hold if this rally still has some legs.
The pair is trading just below 1.30 big figure level which is the initial target ahead of May high near 1.3050. A break above that is not all that unlikely in the days ahead. 1.29 - 1.2925 should hold if this rally still has some legs.
What to expect from Mr. Governor?
This time of year is commonly known as `the silly season` in the UK, as nothing much tends to come out of government, lots of people are away, and the news media tends to get a bit desperate for substantive content. So it seems that when Mr. Mark Carney, Governor of the Bank of England, spoke last week, there was no shortage of comment. From my angle, he did nothing unexpected, and as suggested, his `forward guidance` told us little new and was subject to several caveats. The link to unemploy…