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GBP/USD attempting gains above 1.41 despite Carney’s dovish testimony

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/USD pair is attempting gains above 1.41 handle even though BOE’s Carney talked about scope for rate cut and QE during his testimony to the lawmakers today.

    BOE ready to ease if required

    Carney said the bank has enough room - cut rates and/or do QE if required. However, Sterling has managed to avoid fresh sell-off may be because markets were expecting dovish comments, given the Brexit uncertainty.

    Moreover, Cable has made number of attempts to extend gains above 1.41 in last couple of hours, but the upside has been capped around 1.4120. Meanwhile, the downside is capped around 1.4085 levels.

    GBP/USD Technical Levels

    The immediate resistance is now seen at 1.4153 (European session high), above which the spot could target 1.4175(falling channel resistance). On the other hand, a break below Monday’s low of 1.4057 could see the pair drop to 1.40 handle.
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