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GBP/USD traders await today's Bank of England comments
Considering the amount of u-turns the Bank of England’s governor Mark Carney has performed in the last week, markets will closely be monitoring this morning’s comments.
Last week’s speech at Mansion House had been enough to finally kick GBP/USD through the resistance of $1.70, and finally set new five-year highs. This was quickly reversed when the members of the Bank of England sat down for a grilling in front of the Treasury Select Committee.
Trying to squeeze an interest rate into 2014 could be difficult, as productivity by the BoE’s own admission is not suitably strong enough to warrant it at the moment, and risking the year-end retail sales by instigating an interest rate rise in Q4 looks unlikely.
The last week has seen GBP/USD stumble slightly, but the fundamentals are still in place for the pound to continue strengthening against the US dollar. Setting higher highs in the currency pair looks to be on the cards.