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May 01 - 08:55 AM

GBP/USD - Holds Below 1.25 Ahead Of FOMC Event Risk

By Rob Howard  —  May 01 - 06:35 AM
  • Cable has traded a 30.5 pip range since London open; 1.2467 = session low

  • 1.2467 is also intra-week low (1.2466 is 38.2% Fibo of 1.2299-1.2569)

  • Fed event risk from 1800 GMT; hawkish hold expected nL2N3GY1PF

  • GBP/USD might drop towards 1.2400 on ultra-hawkish Fed/Powell

  • UK April manufacturing PMI upwardly revised to 49.1 from 48.7 flash estimate

  • UK local elections Thursday; PM Sunak's Tories face big losses nL5N3GQ5GV

Source:
Refinitiv IFR Research/Market Commentary

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