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Mar 22 - 05:55 AM

GBP/USD - Drops To Three-Week Low On BoE Chief's Dovish Steer

By Rob Howard  —  Mar 22 - 03:35 AM
  • Cable falls to 1.2610 after dovish steer from BoE's Bailey in FT interview

  • Bailey signals BoE rate cuts "in play". 1.2610 is lowest level since March 1

  • 1.2600 was March 1 low (1.2593 is 200DMA). 1.2803 was one-week peak Thursday

  • Peak was scaled before SNB rate cut shock, dovish shift in BoE MPC rate vote

  • 1.2651 (Thursday's low) is now a resistance level. 1.2676 was Asia high

  • UK Feb retail sales unchanged MM vs minus 0.3% f/c; Jan revised up by 0.2%

Source:
Refinitiv IFR Research/Market Commentary

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