The pound jumped to session highs on Tuesday after Bank of England Governor Mark Carney said the time for rate increases is moving closer, in testimony to the Treasury Committee in Westminster. Sterling was boosted after BoE Governor Carney said that the central bank was moving closer to hiking interest rates. “The point at which interest rates may begin to rise is moving closer with the performance of the economy, consistent growth above trend, a firming in domestic costs, counter balanced somewhat by disinflation imported from abroad. The remarks came after data earlier in the day showing that that U.K. consumer prices were flat in June, falling back towards the lowest rate on record. The Office for National Statistics said the annual rate of consumer price inflation was flat last month, down from 0.1% in May. Analyst had expected a reading of 0.1%. Consumer prices were also flat from a month earlier, below estimates for 0.1% increase. Core inflation, which strips out price rises in energy, food, alcohol and tobacco slowed to 0.8%, the lowest level since March 2001 from 0.9% in May.”
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5655 TARGET 1.5675 1.5705 SL 1.5625
SELL GBP/USD BELOW 1.5380 TARGET 1.5360 1.5330 SL 1.5410
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