GBP/USD: Since posting two bearish reversal days, the Pound has kept the initial bias in negative territory even though prices after the 4<SUP style="BOX-SIZING: border-box !important; WORD-WRAP: break-word; FONT-SIZE: 14px; VERTICAL-ALIGN: baseline; POSITION: relative; LINE-HEIGHT: 0; TOP: -0.5em; overflow-wrap: break-word">th</SUP> day prices stage a rally from 1.6300 to settle at 1.6405. Although the call is bearish, trader should still give caution to the upside as short coverage is only expected to reach a 1.6480 before supply returns. Sub 1.6220 is now required to generate the fall to 1.5850
I don't trade currency unless I can see a fundamental egde to do so, but whatever Carney says in the next 15 minutes can only be seen as strength for the pound sterling.