GBP/USD turns volatile ahead of Carney’s 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 topped out at 1.4153 and fell to 1.4097, before recovering back to 1.4110 levels ahead of BOE Carney’s testimony.

    Eyes Carney’s comments on Brexit

    Traders would be interested to see how Carney sees Brexit affecting the UK economy and the BOE’s plans to raise rates. BOE’s Shafik and Weale repeated the old message that the next move in rates could be up.

    Carney’s take on inflation could take a backseat since Brexit is the hottest thing on the wires now. Major ratings agencies have already warned about the potential downgrade if UK decides to leave the EU.

    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.
    For more information, read our latest forex news.

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