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Feb 01 - 06:55 AM

GBP/USD - Vulnerable To Range-Break After 55DMA Breach

By Justin Mcqueen  —  Feb 01 - 05:10 AM
  • GBP/USD posts first close below the 55DMA (1.2665) since November

  • Risks now lean towards a downside break of the 1.26-1.28 range

  • Focus is now on whether the BoE provides fuel for shorts nL1N3EM0UF

  • GBP/USD implied break-even 74 vs 50 USD pips prior nL1N3EM0Q1

  • GBP positioning shows traders are vulnerable to a less hawkish BoE

  • If 1.26 breaks, this would likely favour a move towards the 200DMA (1.2563)

  • Powell's pushback of March cut to underpin USD, unless data contradicts view

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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