The correlation still very much in play
Which is leading which? Well they're taking it in turns but GBPUSD has now broken down through support/bids at 1.4480 and 1.4450 to post 1.4441 as EURGBP holds above 0.7500 to post session highs of 0.7513
The soft UK production hasn't helped and those bulls hoping that Carney may come in and save the day later at the BOF event will be hanging on his every word for comfort.
I stand by my view that the BOE/UK will be and should not be in any rush to raise interest rates. Wages and inflation are still wobbly and other data, such as today's given further cause for concern.
The decline for the pound now is becoming more extended than just GBPUSD with the TWI now posting 8 month lows of 89.2.
Brexit uncertainty continues to weigh and cable at 1.3500, not seen since 1985, moves ever closer.
Only one thing to do. Play more Bowie.
