Pound Sterling has a rocky 24 hours – Hit 1 year high against ZAR (South African Rand) Mervyn King talks it back down this morning

The Pound once again followed the trend of once again looking like we were going to push onwards and upwards and then as soon as we look like we will move on to the next level something comes back to bite us and send Sterling back down again.

Yesterday following the release of inflation data and the mention once again of interest rate hikes in the U.K in the near term, Sterling rallied and shot up against most major currencies inclusive of touching near a year high against the South African Rand.

This morning however, once again proving that if you are looking to book something out you need to be on the ball and in the position to do so rapidly, Mervyn King of the Bank of England has spoken and been up to his usual tricks of talking the markets straight back down…. Sterling has now lost anywhere from 0.36% to 0.8% at the time of writing this against most major currencies.

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