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July 3 2017

Ayondo: “Sterling Takes Market by Surprise with Show of Strength Following Carney Speech”

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Jordan Hiscott, Chief Trader at ayondo markets:

“It’s not often in recent times that we’ve been able to talk about Sterling in terms of relative strength, but that’s exactly what we have today, with GBPUSD trading to a high of 1.30 – over 700 pips higher from the April low of 1.23.

“The currency has been on a tumultuous ride recently, largely thanks to the hung parliament resulting from the snap election, which saw GBPUSD move lower from 1.29 to 1.27. But with today’s move to 1.30, speculative short positioned traders from the leveraged sector certainly have been caught offside.

“While the retracement to 1.30 doesn’t fully surprise me, the speed at which it’s attained this level has.  For the upwards move to continue, Sterling will have to break through recent resistance at 1.3050. This will no doubt with be aided by Mark Carney’s slightly hawkish speech on the possibility of higher interest rates.”

 

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