BOE’s Bailey: we see impact of tariff uncertainty coming through to Business/Consumer

Speaking on CNBC, BOE Bailey says:

• We see impact of tariff uncertainty coming through two business investment and consumers.
• Impact of tariffs on exchange-rate has not been that large for the UK.
• We are focused on the growth shock from tariffs.
• I don’t think UK economy is close to recession.
• Last GDP data was quite encouraging.
• Week PMI data reflects companies uncertainty.
• Talk about potential loss of dollar reserve currency status is overdone.
• I hope upcoming UK inflation bump will be transitory

The GBPUSD has moved lower on the Bailey comments.

The GBPUSD moved up to test – and even break briefly – the 100-hour MA at 1.33282.The high price reached 1.3332.

However, the price has since moved lower and now looks toward interim support near 1.3292. Moving below that level and the 200-hour moving average at 1.32798 becomes the focus. Yesterday -and earlier today – the price dipped below that moving average only to fail on each of the moves on the breaks.

Buyers and sellers are waiting for a bigger shove.