The signs are beginning to point to a correction in the pound.

On Friday, rumors of a dovish newspaper interview were all it took to send cable plunging down to 1.7036. It recovered most of the losses by the end of the day but still serves as a powerful example of a market that’s finding it easier to slide on bad news than to rally on positive developments.

Another example was last week’s CPI report, the higher numbers launched the pound more than a cent higher to 1.7192 — a siz year high. But it couldn’t hang onto the gains and has now completely retraced.

Today, the pound is lagging after Rightmove reported that house prices fell 0.8% in June.

The linchpin is Carney. The last leg of the pound rally began when he talked about hiking rates sooner than the market was expecting but he’s crept away from the comments and may continue to do so. Bloomberg looks at his profile at the BOC where he talked a big game on rate hikes but was hesitant to pull the trigger.

“The historical experience there suggests the market consistently priced in too much,” said Sam Hill, senior U.K. economist at RBC in London. “If you were looking for a potential read across it’s worth bearing in mind that was the experience in Canada.”

I’ve been bullish on the pound but I’m having a second look at cable. GBP/USD looks like it’s heading for a test of 1.7000. If that level breaks and if Yellen inserts a bit of hawkishness, I’d think about getting short.