GBP/USD still near session lows on Carney’s presser
|GBP/USD is now attempting to rebound from daily lows following the press conference by Governor M.Carney, currently hovering over 1.3160/50 after dropping as low as the 1.3140 region.
GBP/USD still weaker on BoE
Sterling regained some attention after BoE’s Carney said some tightening is needed in the next year, while the central bank can support the economy through Brexit.
Carney also added that the drop in GBP has squeezed real income while growth has been dragged lower on weaker consumer spending.
Furthermore, Carney argued that a slower UK economic potential could have consequences on the monetary policy.
GBP/USD levels to consider
As of writing the pair is losing 0.50% at 1.3157 and a breakdown of 1.3140 (low Aug.3) would open the door to 1.3124 (10-day sma) and finally 1.3094 (23.6% Fibo of 1.2587-1.3250). On the other hand, the initial hurdle emerges at 1.3266 (2017 high Aug.3) followed by 1.3351 (high Sep.12 2016) and finally 1.3447 (high Sep.6 2016).
In addition, Cable is retreating from the proximity of overbought levels, now around 60 when gauged by the daily RSI (14), while the MACD stays on the bullish side for the time being.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.