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GBPUSD (Cable-Greenback): Business : Nigerialog.com - Nigeria's Premier Online Forum

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GBPUSD (Cable-Greenback)

By: alagbe003 (M) |Time : July 24, 2018, 09:35:00 AM
The dovish speech of Ben Broadbent, the Deputy Governor of the Bank of England (BOE) at the Society of Professional Economists in London where he spoke about the history and future of quantitative easing weighed on the Cable. Broadbent is a key member of the BOE and his indecision for a vote for a rate hike in August sent some negative sentiment to the strength of the Queen's currency. The Greenback shrugged off the negative impact of unimpressive existing home sales data falling short of expectations for the third consecutive month as the pair closed bearish.


Today, the instrument opened below the pivot and is currently surging northward on the hourly chart.  House Price Index (HPI) released by US Federal Housing Finance Agency earlier this morning fell short of expectation and was responsible for the bullish candle in the Last hour on the pair. The general trend on the instrument remains south (sell) as Brexit sentiment as well as the dovish comment of the Deputy Governor dominates sentiment.

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