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GBP/USD: When good data can't support? - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the BOE's Governor, Mark Carney, gave a hand up to Pound's bears in a speech in London this Tuesday, by saying that "now, is not yet the time to raise interest rates," referring to plummeting oil prices and Chinese woes as the reason behind the decision.

    Key Quotes:

    "The GBP/USD pair sunk around 100 pips in the first hour after the speech, and maintained the negative tone, extending down to 1.4128 before finally bouncing some, a level last seen in March 2009.

    Earlier in the day, encouraging UK data failed to support the pair, as inflation in December matched expectations, whilst the producer price index continued to decline, albeit less than forecast."
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