The GBP/USD has been quite bullish this month, having come back up from 1.29. Moving averages were doing a good job of support on the H1 chart previously, and after the pullback lower to 1.31 last week, they turned into support once again. The 20 SMA did a good job yesterday, and it is holding again today, so there’s an opportunity to go long here, specially after Haldane’s comments.

Comments by BOE chief economist, Andy Haldane

• UK economy surpassed expectations in Q3
• Economic prospects for Q4 are very uncertain
• Economic activity very likely to be below levels at the start of the year
• Economic prospects next year are perhaps materially brighter than a few weeks ago
• The potential macro-economic benefits of easing the zero lower bound constraint appears to be significant
• However, the costs require thorough exploration
• Full speech