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Forex: GBP/USD sees initial downside post ECB press conference

Having declined from it Carney led spike this morning, GBP/USD has declined to find support ahead of the hotley anticipated ECB policy statement and subsequent press conference.

The pair made a high at 1.5767 before declining to initially find support at the hourly 100MA around 1.5700. Comments made by incoming BoE Governor Carney hinted that looking forward, the BoE will look towards greater harmony with the ECB. Following the ECB decision to hold rates, ECB President Mario Draghi began by noting that inflation is set to fall below 2% and contained, while monetary policy is set to stay accommodative as balance sheet adjustments are set to weigh on economic activity before a recovery later this year. He also notes upside inflation risks from currency strength. While he commented that monetary policy is set to remain accommodative, he did not hint at further easing ahead. Spot initial dipped to post a low at 1.5690 before retracing to above 1.5700.

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