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Cable traders await treasury select committee meeting
The last two days have seen GBP/USD bounce (in the broadest sense of the term) by 40 points, having suffered a 500 point fall over the course of the previous six trading days. Only time will tell if this has more to do with dead cats or a change in sentiment, but with Mark Carney and members of the MPC due to answer politicians questions at 2.45pm this afternoon we might see further moves.
The fact that David Cameron, Nick Clegg and Ed Milliband have all agreed to cancel Prime Minister’s questions to head to Scotland highlights the seriousness of the Scottish independence vote. Currency traders will be monitoring for sound bites from all three party leaders as they push for the NO vote.
Pressure is likely to remain on GBP/USD until the election is over, and $1.60 remains a physiological level but fundamentals could see this give way.