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Forex: New sterling paradigm

Sterling softening a little after the overnight gains on the back of comments from the BoE Governor suggesting that rates may rise as early as this year, in his words “it could happen sooner than markets currently expect”. The key upside level on cable is 1.7043, the high seen in August 2009 when the dollar was crushed by the onslaught of the Fed’s QE program. I’ve for some time expected that a UK rate hike could come this year, based on a number of factors.  This is being felt also on EURGBP, where the potential for a continuation of the downtrend seen since April remains strong on diverging policy paths.

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