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Jan 02 - 11:55 AM

GBP/USD - Drops To Lowest Level Since April Last Year

By Robert Howard  —  Jan 02 - 09:38 AM

• Cable hits 1.2435 after extending south from 1.2534 (early London high)

• 1.2435 is lowest level since April 2024 (1.2299 was low that month)

• USD buoyed by event risk of Trump presidency, expected Fed hold on Jan 29

• Scope for BoE rate cut next month (Feb 6) is helping weighing on the pound

• UK Dec manufacturing PMI downwardly revised to 47.0 from 47.3 flash estimate

• 1.2475 (Nov/Dec low) is now a GBP/USD resistance level, with 1.2500 beyond

GBPUSD


(Robert Howard is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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