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The Bank of England hiked its official bank rate for the first time in ten years with support from all but two MPC members. The hike was widely anticipated though and the market sold this fact in the absence of a really hawkish forward guidance. The pound looks headed lower.
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Cable sold after BOE quarterly inflation report
BOE QIR didn't bring anything new. The market was perhaps a bit disappointed that Kristin Forbes remains the only hawk on the MPC, and she is leaving. The bank is optimistic on the Brexit process but prepared to adjust policy both ways.
Cable fell 50 pips on the release and another 30 during the press conference but 1.2830 - 1.2850 has so far held. If that goes, 1.2750 - 1.28 is where some demand may come in. 1.29 is the initial resistance before 1.2950 - 1.30 band.
Cable fell 50 pips on the release and another 30 during the press conference but 1.2830 - 1.2850 has so far held. If that goes, 1.2750 - 1.28 is where some demand may come in. 1.29 is the initial resistance before 1.2950 - 1.30 band.
Cable jumps on hawkish remarks from MPC
Despite soft inflation report, hawkish remarks from Carney & Co. sent Cable more than 150 pips higher yesterday and it added another 20 pips overnight. It broke and is holding above Previous Week High (1.5628) ahead of the labour market report today at 8:30 GMT.
There appears to be some resistance at 1.5650 (late June / early July pivot, Weekly Resistance 1, 50's). 1.57 (Daily Resistance 1, 00's) may prove to be the next before stronger into 1.58 (June pivot, Weekly Resistance 2, 00's).
There appears to be some resistance at 1.5650 (late June / early July pivot, Weekly Resistance 1, 50's). 1.57 (Daily Resistance 1, 00's) may prove to be the next before stronger into 1.58 (June pivot, Weekly Resistance 2, 00's).