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Pound Too Strong

Analysts predict the pound will fall against the dollar as the Bank of England prepares for a new governor.

By Lukanyo Mnyanda and Anchalee Worrachate, Bloomberg | Updated on June 19, 2013

The pound’s rally to a four-month high against the dollar is proving too much for currency traders unsure whether Mark Carney will step up stimulus efforts when he takes over as Bank of England (BOE) governor next month.

Sterling’s failure to extend its advance after rising above its 200-day moving average on June 13 may be a signal its winning streak is ending, according to Barclays Plc. The pound is also approaching a key Fibonacci retracement level where sell orders tend to be clustered, while the stochastic oscillator crossed a threshold that implies an imminent reversal.

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