Sterling Rallies Following Carney’s Speech (Matthew Vassallo)

Sterling rallied during Wednesday mornings trading, following BoE governor Mark Carney’s speech. He discussed a change in policy regarding interest rates and how they would be adjusted and was overall very positive about the UK’s economic recovery. He did mention interest rates would only rise gradually but the markets have viewed his speech as a positive for the UK economy and the Pound has benefited as a result.

GBP/EUR levels have moved up by over a cent and I wouldn’t be surprised if they had put pressure on the 1.22 resistance level before the end of the week.

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