"Global trade tensions increase downside risks"
BOE Carney said that
- global trade tensions increase down risks and
- In some jurisdictions, the impact of uncertainty may warrant a near term policy response as insurance to maintain the expansion.
That has sent the GBPUSD back to the earlier lows on the day at 1.2605. That low was also a swing high from June 17 (see red circles). On the topside today, the NY session high reached to the 50% midpoint of the move up from the June 18 low at 1.26439.
The pair is now breaking to a new session low. A target on the downside comes in at 1.25689-71.
