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Forex: GBP/USD holds up at 1.5700 after UK NIESR GDP

Incoming BoE Governor Carney brought the GBP/USD back above the 1.5700 psychological level after triggering a rally from 1.5650 to 1.5769 spike high with his testimony before the UK Parliament. Since then, the pair has been consolidating its position above 1.5700, even after the release of UK NIESR GDP estimate for January.

From an estimated -0.3% recession in December, the estimate of growth over the last 3 months in the UK has risen to 0.0% in January, according to NIESR.

Incoming BoE Governor Carney assured that he would not alter significantly the central bank's current monetary policy strategy but that he was in favor of introducing more stimulus for a period of time and communicating it in order to help manage market expectations. He also said that the central bank must exit unconventional policy.

The MPC decided to keep the key rate at 0.5% and the asset purchases at £375B, as expected by investors, in the meeting of February 7. “The £6.6 billion cash flow comprises the redemption payment on the gilt, as well as the cash flow resulting from the indemnity provided by HM Treasury to the Bank of England in order to cover any difference between the redemption payment and the original amount invested”, said the official statement.

“The GBP/USD currency pair continues consolidating near its minimums. I think today the pair may form any type of reversal pattern to start growing up and break the latest descending channel”, wrote Roboforex.com analyst Igor Sayadov.

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