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Dec 05 - 03:55 AM

GBP/USD - Holds Above 1.23 After Scaling 24-Week Peak

By Rob Howard  —  Dec 05 - 02:40 AM
  • Cable holds above 1.2300 after hitting 1.2345 in Asia (high since June 17)

  • 1.2300 was pre-weekend peak (following drop to 1.2137 on U.S. NFP beat)

  • Risk-sensitive pound supported by easing COVID curbs in China nL1N32U016

  • China shares push higher, with Hang Seng up 4% (after 6.3% gain last week)

  • 1.24 is GBP/USD resistance level beyond 1.2345 (1.2405 was June 17 high)

  • Fed and BoE rate decisions next week: 50 bps hikes expected from both

Source:
Refinitiv IFR Research/Market Commentary

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