Monday’s euro/pound cross is lending support to the UK pound, so instead of falling, the rate has headed north to 1.5496. The price is now by the LB. I don’t have a forecast for today because the BoE’s Mark Carney is set to mix things up. His speech is due to be given at 13:00 EET. If he mentions monetary policy, the pound will swing.
The pound/dollar is consolidating at 1.5460. The bulls are mobilizing towards 1.5580. Mark Carney’s speech means no one knows where the pound will close.
The euro is weakening before the ECB meeting and the pound is receiving support via the crosses. The bulls are having the rate to the trend line at 1.5630.