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GBPUSD : Declining Ahead of Carney's Speech

GBPUSD is consolidating ahead of the BOE Governor Mark Carney speech. As a head of the central bank, which controls short term interest rates, he has more influence over the nation’s currency value than any other person. Investors try to gather some clues regarding future monetary policy. Although the BOE minutes scheduled tomorrow will attract the maximum attention of investors to know the policymaker’s view on the recovery of the US economy. Carney’s speech will be released at 1:45 PM EDT. Currently GBPUSD is consolidating within a falling wedge on 4 hour chart which gives a bullish signal. Technically the pair should break the resistance trend line of the falling wedge and reverse the downtrend to uptrend. However it would be better to wait for the Carney's outlook on the economy.