GBP/USD consolidates above 1.6950

By | Updated July 30, 2014 AAA

FXStreet (Córdoba) - After peaking at 1.6992 the GBP/USD pulled back and found support at 1.6940 from where rebounded, rising toward 1.6970. Currently the pair trades at 1.6968, up 0.24% for the day, headed toward the highest weekly close since October 2008.

GBP/USD holds to gains post-Carney

Cable soared after the speech made by Mark Carney and then pulled back slightly but in the last hours it has been consolidating gains across the board.

“We had not been expecting a market-moving speech, especially not to the extent that it was, as economic developments since the last Inflation Report seemed to have been in line with what the BoE was looking for, so there was no obvious reason to deviate from the post-QIR tone”, said Jacqui Douglas, Senior Global Strategist at TD Securities.

According to Douglas the speech had less to do with really wanting to bring forward rate hike expectations, “and more to do with using this as a tool to reduce market complacency and increase volatility”.

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