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28 Aug 2013
GBP/USD consolidates above 1.5500 post-Carney
FXstreet.com (Edinburgh) -The sterling is now struggling to keep the upper end of its intraday range after climbing near 1.5550 post-Carney’s speech, with the GBP/USD slowly creeping back to the proximities of 1.5500 the figure.
GBP/USD boosted by Carney
The pair rapidly climbed from the 1.5430 region to the proximity of 1.5560 after Carney’s tone was less dovish than expected, catching the markets off guard. “Carney acknowledges that financial markets are of the view that the recent good economic news flow suggests that the unemployment rate could fall more quickly than the BoE believes is probable. Consequently, markets are expecting interest rates to start rising in mid-2015 rather than late 2016 as implied by BoE forecasts”, commented James Knightley, Strategist at ING.
GBP/USD levels to watch
As of writing the pair is losing 0.15% at 1.5523 with the immediate support at 1.5427 (low Aug.28) ahead of 1.5375 (low Aug.9) and then 1.5358 (MA100d). On the flip side, a breakout of 1.5553 (high Aug.28) would aim for 1.5592 (high Aug.27) and finally 1.5602 (MA10d).
GBP/USD boosted by Carney
The pair rapidly climbed from the 1.5430 region to the proximity of 1.5560 after Carney’s tone was less dovish than expected, catching the markets off guard. “Carney acknowledges that financial markets are of the view that the recent good economic news flow suggests that the unemployment rate could fall more quickly than the BoE believes is probable. Consequently, markets are expecting interest rates to start rising in mid-2015 rather than late 2016 as implied by BoE forecasts”, commented James Knightley, Strategist at ING.
GBP/USD levels to watch
As of writing the pair is losing 0.15% at 1.5523 with the immediate support at 1.5427 (low Aug.28) ahead of 1.5375 (low Aug.9) and then 1.5358 (MA100d). On the flip side, a breakout of 1.5553 (high Aug.28) would aim for 1.5592 (high Aug.27) and finally 1.5602 (MA10d).