The BOE Chief economist Pill is speaking:

  • Wage growth is running too fast at present
  • Says pricing pass-through from companies is too high
  • Don't want people who are subject to political forces setting monetary policy
  • Governments are subject to short-term political pressure, central banks can take hard decisions
  • Good central bankers don't try to be popular
  • Rising rates will only have an effect around the end of 2023

The GBPUSD moved up toward the swing hi from August 1 at 1.22929. The high price reached 1.2276 and has backed off. The current level is trading at 1.2237 which is near the bottom of a swing area between 1.2237 and 1.22446. That is a close support. A break below would have traders looking toward the swing highs from August 3 and August 4 near 1.22808.

GBPUSD rallied toward August 1 high today