GBP/USD: weighed by Carney, 1.2500 on the table

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2657

The GBP/USD pair trades at its lowest since June 8th, when the pair bottomed at 1.2634 following the disappointing election's result. The Pound came under selling pressure after BOE's Governor Mark Carney spoke at the Mansion House in London, indicating that it's no time for a rate hike. Carney has maintained a dovish stance amid Brexit ever since the referendum was planned, so his words are hardly a surprise. Nevertheless, the headlines weighed on an already weakened Pound. Technically, the pair is bearish intraday, with a break below the mentioned low probably fueling the decline over the next few hours, as in the 4 hours chart, an early advance was rejected by a bearish 20 SMA, currently 100 pips above the current level, whilst technical indicators extended their declines within negative territory, still will room to go. A bearish breakout exposes the 1.2500 figure for the upcoming sessions, regardless dollar's self strength.

Support levels: 1.2630 1.2590 1.2540

Resistance levels: 1.2665 1.2700 1.2750

View Live Chart for the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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