GBP/USD finds resistance below 1.30, holds strong bullish tone

Matías Salord FXStreet

The pound jumped in the market following Mark Carney comments regarding monetary stimulus. GBP/USD rose from 1.2830 toward 1.3000. After reaching 1.2975, the highest level since June 8 it lost strength and pulled back.

The retreat from the highs found support at 1.2920 and currently it trades at 1.2940/45, up more than a hundred pips for the day, having the best performance since April.

Thanks to Carney

The Governor of the Bank of England, mentioned that the removal of some stimulus would be needed if the economy improves. He added that the tolerance of the Monetary Policy Committee for inflation above the target was limited. Those words triggered an intensive rally of the pound.

“This is a significant shift in policy bias – especially given that it was just over a week ago that Governor Carney told us that “now is not yet the time [to begin raising interest rates]”. One has to question the underlying rationale for this 'U-turn' and whether Bank officials have all of sudden seen some inflationary pressures in the UK economy that we have not”, said Viraj Patel, Foreign Exchange Strategist at ING.

Carney changes his mind, GBP soars - BBH

The change in the tone from Carney is giving support to the pound for an extension of the rally. A test of 1.3000 in the next sessions seems likely. Above that area, the next level to watch is 1.3045/50 (2017 highs).

Yesterday GBP/USD moved above the 20-day moving average that stands at 1.2775 and today, it received a fundamental boost from Carney.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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