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GBP/USD below 100-DMA
The well-worn path of GBP/USD's move lower has been resumed as the currency markets revert to anticipating the faster recovery in the US while the UK struggles to resist the negative pull of the eurozone on its door step. The fact that currency markets are still factoring in an interest rate rise for the US in the third quarter is being increasingly questioned.
This year seventeen nations have cut interest rates, and although unchanged it was widely anticipated that Australia would have to cut for a second time this year. As good as the US economic data might be, it is hard to believe that it will be able to shrug off the negativity of so many different global regions.
The Bank of England governor Mark Carney will today be testifying in front of the Treasury Select Committee, discussing the latest currency probe. This is unlikely to focus on the BoE’s current actions but the legacy issues from previous decades. As such, it is doubtful that Mark Carney will say too much that might disrupt currency markets.
GBP/USD lasted fewer than 24 hours above the 100-day moving average and has again reverted to selling off. A gradual move towards the $1.50 level can now be envisaged.