GBP/USD: Ground at 1.7000 may continue to beckon - OCBC

By FXstreet.com | July 23, 2014 AAA

FXStreet (Bali) - Emmanuel Ng, FX Strategist at OCBC Bank, notes that with the 1.7050 barrier now violated, GBP/USD may now be headed towards 1.7000.



Key Quotes



"The pound failed to garner additional altitude from the BOE MPC minutes with the better than expected July CBI sale numbers also failing to provide any lift in. For today, June retail sales numbers are due later today."



"In the interim, investors looking to lighten up on the GBP may hav e to look no further than Carney’s comments on Wednesday with the BOE governor highlighting conflicting signals in the labor market. With the 1.7050 barrier now violated, the ground at 1.7000 for cable may continue to beckon in the current environment."



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