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British Pound Trades Sideways Near 6-Week Highs on Carney Speech

September 14, 2018 at 11:05 by Simon Mugo

A mix of British pound notesThe British pound today managed to hold on to yesterday’s gains following the disappointing US inflation figures that triggered its rally. The GBP/USD currency pair today rallied slightly higher to trade very close to its 6-week high and held on to its gains during the BoE Governor Mark Carney‘s speech today.

The GBP/USD currency pair today traded in a range between a low of 1.3106 and a high of 1.3139 and was trending lower at the time of writing.

The currency pair today broke out of its Asian session consolidative pattern in the early European session and rallied higher due to the positive investor sentiment towards the pound. The pair later declined slightly but never crossed below the crucial 1.3100 level, which it hit during yesterday’s rally. The pair recovered slightly as the Bank of England Governor was speaking in Dublin where he reassured investors that the bank was prepared to deal with any Brexit outcome. He also stated that major UK banks would continue to meet the financial needs of UK businesses and consumers regardless of the Brexit outcome.

The pair maintained its gains from the weaker than expected US consumer inflation data released yesterday, which triggered a rally in the greenback’s peers including the pound. The current optimism towards Brexit negotiations also boosted the cable.

The currency pair’s short-term performance is likely to be affected by the release of the US advance retail sales data later today.

The GBP/USD currency pair was trading at 1.3121 as at 10:55 GMT having dropped from a high of 1.3139. The GBP/JPY currency pair was trading at 146.65 having declined from a high of 147.02.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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