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Feb 12 - 08:55 AM

GBP/USD - Drops Towards 1.2600 Before BoE Chief Bailey Speaks

By Rob Howard  —  Feb 12 - 07:10 AM
  • Cable hits 1.2610 after extending south from 1.2653 (early London high)

  • 1.2610 = intra-day low. 1.2600 was Friday's low (1.2572 was Thursday's low)

  • Slide towards 1.2600 precedes lecture from BoE Governor Bailey at 1800 GMT

  • Markets currently see 75% chance of BoE cutting rates by June 0#BOEWATCH

  • CFTC data showed net GBP long nudged up to 21-week high in week ended Feb 6

  • UK wage/jobs data due 0700 GMT Tuesday; 5.7% wage growth f/c vs 6.5% prior

Source:
Refinitiv IFR Research/Market Commentary

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