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Sep 16 - 05:55 AM

GBP/USD - Trades Below 1.14 For First Time Since 1985

By Rob Howard  —  Sep 16 - 04:00 AM
  • Cable hits 1.1351, lowest level since 1985, after tripping stops below 1.14

  • Drop through 1.1400 spurred by UK August retail sales plunge nL8N30N0UN

  • 1.1449-1.1478 was Asian session range (before the UK data at 0600 GMT)

  • BoE raised rates by 50 bps to 1.75% on August 4th, biggest hike for 27 years

  • Another hike of at least 50 bps is expected from BoE next week nL8N30L436

  • 1.1400 is now a GBP/USD resistance level (1.1407 was last week's low)

Source:
Refinitiv IFR Research/Market Commentary

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