UK Manufacturing Delivers First Blow To GBP, Waiting For Carney To Deliver The Next
GBP/USD dived 60 pips after the UK manufacturing PMI was published. I had mentioned in the first forex update today that the GBP would do so if the economic data disappointed and the chances were that the numbers would be disappointing.
Well, they were, which is not a big surprise since all the other sectors of the British economy are showing signs of weakness and the GBP tumbled.
UK manufacturing PMI took a turn down, but the trend is still up
However, Carney remains the elephant in the room today and the market is awaiting his speech which is due in a couple of hours.
My take is that he will try to cool off expectations for a rate hike anytime soon. That would send the Pound at least 200-300 pips lower. Seeing how inflation is getting dangerous in the UK, you never know.
At least, we got a few pips from our first forex signal today. I had felt that forex traders didn’t have the guts to take the price higher, past last week´s resistance, especially not with the BOE Chairman Carney on the schedule, that´s why we opened that forex signal. There was another opportunity a few hours ago when the bulls tried the upside again, but let´s not be greedy, there will be other opportunities.
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