GBP/USD dips below technical support as BOE governor speech awaited

A couple of weeks back the Bank of England governor, Andrew Bailey made it pretty clear he was in favour of lowering interest rates at a faster pace than previously envisaged given the recent drop in UK price pressure. Of course, it is pretty obvious he was hedging himself against any potential and significant tax increases in the UK budget too. He is due to speak any minute and it seems likely that he might endorse and confirm what he said before, but that is yet to be seen. Meantime and ahead of this, the Pound has remained under pressure for the past few hours and just now the GBP/USD hit a fresh session and interim low, at 1.2951. That low was also underneath the current 100 day moving average, now at 1.2963. It has just bounced off that low. It looks like some stops were clearly tripped underneath 1.2963 judging by the immediate price action and the subsequent modest rebound. However, doubts remain. The GBP/USD is just now trading at 1.2965