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Cable Rebounds to 1.6195 as Dollar Weakened & BOE Carney Comments

Posted by Chris Advincula on Nov 26, 2013 7:33:00 AM

gbp.11.26 resized 600

Chart: WorldWideMarkets Alpha Trader

 

Cable made a modest rebound to 1.6195 from the 1.6145 low in Europe as the dollar weakened and from comments from Bank of England Governor Mark Carney who said that he sees strong growth in the UK economy on his testimony before the Treasury Committee. BOE Deputy Governor Charlie Bean also said that the MPC will not rush to tighten monetary policy until the UK Unemployment Rate hits 6.5%.

The pound has been consolidating between 1.6190 and 1.6160 in the morning session of Europe. On a similar move, euro-sterling traded between 0.8382 and 0.8368.

Support:              1.6146, 1.6134, 1.6093

Resistance:         1.6241, 1.6248, 1.6258

 

 

Chris Advincula

WorldWideMarkets

 

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