7 Aug 2013
GBP/USD back above 1.5300 handle
FXstreet.com (Barcelona) - GBP/USD has risen from lows 1.5205 and now trades between 1.5338/80 and is volatile, heading towards 1.5400.
Carney is currently being question by the press and is facing some direct questions around the state of the UK economy and his forecasts. He had said that the UK is in the midst of the slowest recovery on record and says GDP will not reach pre crisis peak until next year. Until the Employment target is reached, the BoE do not intend to extend their asset purchases but they are ready for more bond purchases if necessary. He said 7% is not the unemployment rate target, that is likely to be lower but the 7% rate is for appropriate stance for monetary policy. Carney has said that the Boe will link the interest rate to unemployment with 7% threshold. He also said that forward guidance does not mean rates will be low for a particularly long period of time, this depends on economic conditions.
GBP/USD volatile
GBP/USD is choppy during the press conference and Supports are ascending from 1.5200/05, 1.5243, 1.5282 and spot is 1.5380. Resistances are 1.5392, 1.5416, 1.5435 and 1.5480
Carney is currently being question by the press and is facing some direct questions around the state of the UK economy and his forecasts. He had said that the UK is in the midst of the slowest recovery on record and says GDP will not reach pre crisis peak until next year. Until the Employment target is reached, the BoE do not intend to extend their asset purchases but they are ready for more bond purchases if necessary. He said 7% is not the unemployment rate target, that is likely to be lower but the 7% rate is for appropriate stance for monetary policy. Carney has said that the Boe will link the interest rate to unemployment with 7% threshold. He also said that forward guidance does not mean rates will be low for a particularly long period of time, this depends on economic conditions.
GBP/USD volatile
GBP/USD is choppy during the press conference and Supports are ascending from 1.5200/05, 1.5243, 1.5282 and spot is 1.5380. Resistances are 1.5392, 1.5416, 1.5435 and 1.5480