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Carney shaking up the apples – FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analysts at FXStreet explained the GBP/USD gap was on the back of a newspaper interview gave by BOE’s Governor Carney over the weekend.

Key Quotes:

“The head of the Central Bank stated that he would not have to wait for real wages to turn positive before raising interest rates. The news comes as a shock following the quarterly inflation report, when he stated that rates will rise from current 0.5% next year but only if wage growth picks up”.

“After spending the last 48 hours confined to a 40 pips range, the GBP/USD trades above the 1.6700 level, with the hourly chart showing indicators strongly up due to the opening gap, while 20 SMA stands flat around 1.6690. In the 4 hours chart current candle opened above a still bearish 20 SMA, while indicators also aim strongly up around their midlines”.

“Current strength however is still to be confirmed: if the pair fills the gap, and bounce back above 1.6730, that could be a clear sign of upward strength, while if the gap stands unfilled the picture won’t be that clear. Nevertheless, the strong resistance level to break is 1.6760 area, where the pair presents a couple of recent daily lows”.

“Support levels: 1.6700 1.6650 1.6620”.

“Resistance levels: 1.6730 1.6760 1.6800”.

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