GBPUSD MOVES HIGHER TO 1.2770
The GBPUSD pair has moved to a new weekly trading high at 1.2770 following the release of the Bank of England's financial stability report. However, the British pound gave back intraday gains following Mark Carney's speech.
Bank of England Governor Mark Carney said at his press conference following the release of the report 'that potential outcomes from Brexit negotiations pose risks for financial stability'. Mark Carney also said that 'monetary policy is the last line of defense to create financial stability'.
The GBPUSD pair moved down to support in the 1.2730 region following the BOE's Governors slightly dovish comments, and has now stabilized in the 1.2750 zone.
Near term support for the GBPUSD is now located at the M30 time frame 100 period moving average at 1.2730, and the weekly pivot point at 1.2708.
To the upside, resistance is located at June 19th high at 1.2814, and then the daily time frame 50 period moving average at 1.2851.