I went in long for this pair at 1.6975 last night as I felt it was already at the support level and a breach is not possible. The pound has been the best performing developed market currency to date and any value below 1.7000 is a good entry for a long.
The Bank of England (BoE) is expected to increase rates in the near future which shall further cause the appreciation of the pound.
I closed my position this morning as BoE Governor Carney is set to speak this evening and volatility is expected to increase prior and during the speech. Historically a speech with this importance would ensure that traders of both long and short positions to hit their stop loss before adhering to the direction based on the content of the speech.
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