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GBP/USD Gains 100 pips to 1.4920 on Broadbent & Carney Comments

Posted by Chris Advincula on Mar 27, 2015 9:44:00 AM

GBP.3.27 resized 600 

Chart: WorldWideMarkets Alpha Trader

Cable is firm althroughout the European session and made a 100 pip gain to 1.4920 from 1.4820 following the hawkish comments from two Bank of England officials Friday.

Bank of England Deputy Governor Ben Broadbent said "Deflation is unlikely to persist in the UK and the price falls seen so far are boosting demand and output." in a speech held today at the Imperial College Business School. (9:15 GMT) Cable rallies from 1.4820 to 1.4880.

Bank of England Governor Mark Carney said that the next move in UK interest rates is likely up. (09:43 GMT), Thus giving sterling a second wind of buying interest and pushed cable higher to 1.4920 against the US dollar which was met with a profit-taking pullback.

The 14-day moving average found support at 1.4810 and resistance at 1.4900. 

Topics: GBPUSD, Bank of England, forex trading, European Session, Sterling Pound, technical analysis, Fundamental Analysis, BOE


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