GBP/USD around 1.2750 on Carney

Pablo Piovano FXStreet

The British Pound stays bid on Tuesday, now pushing GBP/USD to the 1.2740/50 band after reaching highs near 1.2770 earlier in the session.

GBP/USD bid on Carney

Cable is posting moderate gains today despite Governor M.Carney said at his press conference following the BoE's Financial Stability Report that potential outcomes from Brexit negotiations pose risks for financial stability. In addition, Carney said that monetary policy is the last line of defence to create stability.

In the meantime, spot is advancing for the fifth session in a row, looking to extend the rebound from last week’s lows in the sub-1.2600 levels.

On the UK data front, CBI’s trends came in at 12 for the current month, bettering expectations and up from May’s 2.

Across the pond, US home prices tracked by the S&P/Case-Shiller index are next on tap, seconded by CB’s consumer confidence and speeches by Chief J.Yellen, Philly Fed P.Harker (voter, hawkish) and Minneapolis Fed N.Kashkari (voter, dovish).

GBP/USD levels to consider

As of writing the pair is up 0.20% at 1.2749 and a breakout of 1.2772 (high Jun.27) would open the door to 1.2786 (20-day sma) and then 1.2832 (55-day sma). On the other hand, the next support aligns at 1.2640 (100-day sma) followed by 1.2587 (low Jun.21) and finally 1.2548 (200-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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