An 18 pip move is all the excitement you got for a jump in mortgages. While the market sees that as a sign that the BOE’s master plan to tackle house prices isn’t having an effect just yet, there’s plenty in the other numbers to keep the hawks in their cage a while longer.

The consumer credit numbers should warrant more concern for the immediate future and lending to non financials needs to be watched for signs of the economy slowing down, as warned by Mr Carney and the BOE.

We’re already falling back from 1.6995 and as we’ve seen there’s plenty of willing sellers at 1.7000

GBP/USD Daily chart 29 07 2014

GBP/USD Daily chart 29 07 2014

at the moment the battle lines are drawn. 1.70 does you on top while 1.6960/65 does you below. Looks like the trade will be to go with the break while scalping the edges.