Ryan has highlighted the key support into 1.4800 and there's little doubt that the sentiment has changed again for the Queen's quid
Which shows just how ficke the forex markets are seeing that nothing in effect has really changed. Surely no one was expecting any interest rates any time soon ? Carney was merely re-iterating recent comments and concerns that now is not a time to push up interest rates. A view that regular readers will know that I have put forward like a broken record for a while now. But the Carney led shove lower has helped shift a bit of debris from the road
I remain bearish on GBPUSD, and indeed still have concerns over the fragility of the UK "recovery", and have a clearer view again since we finally broken down through 1.5000-30, enhanced by some greater degree of correlation returning in EURGBP
And that's also a key feature right now with the euro still on the back foot despite recent gains and one that we've just witnessed with EURGBP making a false break through 0.7150 before dipping again to 0.7130.
Bids into 1.4800 and/or offers between 0.7150-80 on belief of renewed pressure are all adding up to a heady cocktail if 1.4800 pops and/or indeed 0.7180.And we also have plenty of action in GBPJPY,GBPCAD and GBPCHF to throw into the mix too
I've taken some profit down here on recent cable shorts with a view to re-selling as is my strategy for some time but will retain a core short as I still think it can head lower
UK elections are looming ever closer on May 7 and although the topic has been off the front pages in recent weeks the final dash to the line will bring its own uncertainties
And to paraphrase a former UK PM, you turn if you want to, but this boy's not for turning yet
