GBP/USD Analysis

The pair closed in NY Thursday at $1.4883 after rate pared all of its earlier recovery gains, which had seen rate rise to $1.5029 in early NY before getting pressed through the earlier Asian lows of $1.4895 to $1.4850, before it edged back to $1.4902 ahead of the close. This reversal in sterling was driven by euro-sterling as this rate continued its recovery of Wednesday lows of stg0.70145, posting highs in NY of stg0.7144. BOE Carney comments were cited for the sterling turnaround, indicated that he was in no rush to raise rates, any hiking process would be a drawn out affair, as well as noting that the strength of sterling would tend to low inflation and pressure on growth. Cable edged to $1.4897 in early Asia, as the cross eased off to stg0.7129, but dollar demand emerged to ease the rate to $1.4860 in tandem with euro-dollar ease back to $1.0600. UK construction output at 0930GMT provides the domestic data focus, with BOE Shafik speaking ahead of this at 0900GMT. BOE Carney in Sheffield yesterday with expectations for an interview in the local press to be released this morning. Cable support now seen between $1.4860/50, more toward $1.4830. Resistance $1.4900