Sterling Digest, May 22 2013: King starts the exit

picture of BoE governor Mervyn King
King’s last stand

The $GBPUSD is now 2 weeks into May and its seasonality trend is still in play. These are the times traders sit on their hands and do nothing to allow their winners to run. Sell in May has never rang so true. Fundamentally, BoE Governor King used his final inflation report to start the exits from the Bank of England. Last week’s speech might have been the 1st time that sterling ever rallied on comments from Governor King. Nonetheless, $GBPUSD opened this new trading week below 1.5230 signaling further losses ahead.

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