So where does Carney leave us in whacky pound land?

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Around 10-15 pips was the actual range over the release of the report and the accompanying waffle.

There wasn’t much in Carney’s comments to give the pound any real reason to make a move either way. The news is supportive of the UK economy but whether the market takes that into the price is undecided. The focus for rates is unchanged so there was nothing for that crowd either.

The recent highs looked in danger only momentarily but we didn’t really see a full on effort to test them again. Those that took us above 1.70 will be looking for a follow through or they will likely call it a day and then we could see it fall back.

GBP/USD h1 chart 26 06 2014

GBP/USD h1 chart 26 06 2014

1.7050/60 is the line we need to break on the upside to potentially see some fun and games.

At the moment we’re seeing some mild support coming in at 1.7020 but we need to watch for potentially stronger support at the busted 1.7000/05 area, as a fall back through could see us testing the days lows once again. This will be the level buyers will want to keep hold of.

Should cable take off, EUR/GBP traders will be keeping close watch on the 0.7960 level as it marks a strong support point going back 2 years.

EUR/GBP weekly chart 26 06 2014

EUR/GBP weekly chart 26 06 2014


Categories: All, British pound, Europe, Regions, Technical Analysis
Tags: EUR/GBP, GBP/USD, Technical Analysis

Author: Ryan Littlestone

Ryan Littlestone has been working in financial markets for more than 20 years. Wide-eyed, he stepped out of Bank station in London to join LME founding member Rudolf Wolff where he worked his way to the main order desk and brokered customer orders to the LME floor and across virtually every global market. An opportunity to help set up and run a new LIFFE floor operation saw him catch the trading bug and it wasn’t long before the pull of the pits was too great to refuse. He became a ‘local’ and has been trading his own account for more than 10 years.

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