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GBP/USD below $1.60
GBP/USD continues to trade below the $1.60 level and has given little indication over the last four trading days that it has the stomach for a fight. Tomorrow will see the Bank of England governor, Mark Carney, announce the latest UK inflation report. Ahead of this we might well see currency books being trimmed as the markets wait for the Bank of England’s assessment on the economic state of the union.
As has now become the norm, currency traders will be trying to judge the timeline for the BoE to start raising interest rates while Mark Carney will be trying to give as little away as he can manage. All of this should ensure that assumptions are jumped to and volatility remains in GBP/USD. The 50-hour moving average at $1.5860 along with the 100-hour moving average at $1.5895 should prove a barrier to any upside move.