BRITISH POUND SOARS TOWARDS 1.3000 AFTER CARNEY SPEECH
The British pound soared to intraday trading high of 1.2971 against the U.S dollar, moving to it's highest since June 8th, as Bank of England Governor Mark Carney reversed his recent dovish comments on monetary policy.
Speaking at the Central Bank forum in, Sintra, Portugal, the Bank of England Governor said that a UK interest rate hike will be "necessary" if the global recovery continues, leading to stronger wage growth.
The GBPUSD pair remains strongly bullish on all time frames, with short term technical support located at 1.2945, and the M30 time frame 50 period moving average at 1.2897.
To the upside, the GBPUSD pair has two major technical hurdles to surpass. Firstly the psychological 1.3000 level remains strong resistance, and then the current 2017 price high awaits, at 1.3048.