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GBP/USD Rose to 1.5800 on BOE's Weale Comment

The market was quick to respond to the hawkish comment of BOE's Martin Weale, where buying interest pushed the pound rate higher from 1.5745 to 1.5803 ( 58 pips) at the European open.

Bank of England's MPC member, Martin Weale was quoted saying, "Prepare for a UK rate rise by August." - Financial Times.

In the prior Asian session, there was already buying interest seen at the 1.5720 level rising to 1.5745 from Japanese investment demand. The EUR/USD bid tone also provided some buoyancy to the pound as the rate rose from 1.1170 to 1.1235 ( 65 pips) stemming from a short covering rebound at 1.5760 and a modest return of risk appetite.

GBPUSD.6.24 resized 600 

 

EUR.6.24 resized 600

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