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GBP/USD Rose to 1.5800 on BOE's Weale Comment

Posted by Chris Advincula on Jun 24, 2015 5:26:00 AM

The market was quick to respond to the hawkish comment of BOE's Martin Weale, where buying interest pushed the pound rate higher from 1.5745 to 1.5803 (+58 pips) at the European open.

Bank of England's MPC member, Martin Weale was quoted saying, "Prepare for a UK rate rise by August." - Financial Times.

In the prior Asian session, there was already buying interest seen at the 1.5720 level rising to 1.5745 from Japanese investment demand. The EUR/USD bid tone also provided some buoyancy to the pound as the rate rose from 1.1170 to 1.1235 (+65 pips) stemming from a short covering rebound at 1.5760 and a modest return of risk appetite.

GBPUSD.6.24 resized 600 

 

EUR.6.24 resized 600

Charts: WorldWideMarkets Alpha Trader

Topics: GBPUSD, Fed, Bank of England, forex trading, Sterling Pound, Fundamental Analysis, BOE, EUR/USD European Session

 

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