GBP/USD continues sells off with a dovish Carney

Technical Analysis

Author: Giles Coghlan | gbpusd

Carney has the wings of a dove

What a bad week for the pound. Earnings, inflation and retail sales all down. On top of the bad data Carney started to throw doubt on a May hike for the Bank of England.

GBP/USD has sold off from a key weekly supply level which you can see from the large reaction to the Brexit decision on the chart below. The weekly candle is looking like putting in a weekly engulfing bar too if we get a continued weakness in the pair today. It is an increasingly bearish picture both technically and fundamentally for the GBP/USD going into month end with a pretty light calendar ahead.