More short covering ahead of the UK jobs and inflation reports
GBPUSD just posted highs of 1.6824 from 1.6810 when I sat down earlier. EURGBP down to 0.7946 as EURUSD struggles to advance much higher
I shall be looking to sell rallies into 1.6850 and 1.6900. As I said the other day Carney is in a tough position right now and the jury is still very much out as shown by yesterday’s hold above 1.6750.
But I expect him to remain cautious about early rate hikes despite pressure from his MPC hawks and I don’t see any immediate growth in the keenly awaited wages data
