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Oct 11 - 11:55 AM

GBP/USD - COMMENT-Sterling Rise Above Key Fibo By 1.3663 Hints At Further Gains

By Paul Spirgel  —  Oct 11 - 10:13 AM

Sterling clung to a 0.19% gain in U.S. morning trade, holding below the two-week high of 1.3674 hit overnight after hawkish comments by BoE Governor Andrew Bailey and policymaker Michael Saunders nL1N2R50E1 at the weekend lifted expectations for a early BoE rate hike BOEWATCH.

Monday's early price action lifted sterling above key Fibo resistance at 1.3663, the 50% Fibo of 1.3913-1.3412's September dip.
The rise above 1.3663 may shift momentum to bulls, putting 30- and 55-day moving average resistance at 1.3699 and 1.3752 in focus as it rises toward the thinning daily cloud by 1.3780.

Though the pound has fallen away from its European session high, GBP/USD remained in positive territory in contrast to the euro and yen, which were weakening versus the dollar amid steady BOJ and ECB rate expectations.

With BoE rate musings decidedly more hawkish than other developed market central banks, Monday's gains versus the dollar, euro and yen are likely to be added to, as the timing of UK rate normalization, in Q4 2021 or Q1 2002 0#FSS:, begin well ahead of expected Fed hikes in Q4 2022.

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Refinitiv IFR Research/Market Commentary


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