FXstreet.com (Barcelona) - With the market already pricing in some expectations of a future rate cut by the BoE, Governor King gave a dovish speech, lowering GDP and CPI forecasts and warning that GBP appreciation versus the EUR may hinder exports, but his hints about the interest rate set off a rally of the British Pound: “His suggestion that a further cut in the bank rate may be detrimental (whilst not ruling it out as a possibility) seems to have boosted the GBP”, wrote TD Securities analysts, pointing to the EUR/GBP’s rebound peaking at 0.7950 resistance, but with further weakness to be triggered below 0.7840/45.
Forex Flash: GBP rallies on BoE’s King rate hint – TD Securities
Wed, Aug 08 2012, 14:56 GMT | FXstreet.com
EUR/GBP May 23 at 08:35 GMT
0.8554/56 (0.11%)
H0.8565 L 0.8532
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
