Currency Analyst since 2010

GBP/USD's trading at $1.5800

GBP/USD is trading today in the $1.5830/5758 area. The Bank of England’s governor Marc Carney made today a more hawkish statement thatusual.

According to Carney, British economy is picking up and the stimulus is working. The new governor also stressed that despite the MPC’s expectation that rates will remain on hold for up to three years, he would be ready to push up borrowing costs if necessary. Most of the rise in cable took place after Carney said that the BoE has not dropped its 2% inflation target and the central bank is looking to lower inflation to 2% within a bit over 2 years.

Further resistance is at $1.5845, $1.5878 and $1.5900. Support is at $1.5785, $1.5775, $1.5745. Note that there’s divergence on the daily chart.  

Chart. H1 GBP/USD

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