BOE's Pill: Willing to adopt faster pace of tightening if required

BOE's Pill is on the wires saying:

• willing to adopt faster pace of tightening if required
• focus of attention will be on indications of more persistent inflationary pressures

Looking at the GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term, the pair is trading near the falling 100 hour MA at 1.20148. That moving average was briefly broken after reports of Boris Johnson's resignation surfaced earlier today.

The price move down into the North American opening, but has since seen a rotation back to the upside which saw the price move back above its 38.2% retracement of the week's trading range at 1.18855.

If the buyers are to take more control, getting back above the 100 hour moving average and the 50% midpoint of the week's trading range at 1.20196 would give buyers more confidence in the upward direction. Absent that, and the sellers hold the advantage still.