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Nov 09 - 06:55 PM

GBP: BoE Support To Sterling Still Missing; 0.86-0.89 Range Likely To Continue To Define EUR/GBP Path - Barclays

By eFXdata  —  Nov 09 - 03:00 PM

 Barclays Research discusses GBP outlook and maintains a cautious bias in the near-term.

"GBP received little support from the BoE last week which yet again pushed against what they see as excessive market pricing. Accordingly, the recent 0.86-0.89 range will likely continue to define the sterling path versus the EUR in the near-term," Barclays notes. 

"We expect 3Q GDP to print at - 0.5% q/q, echoing the Bank’s forecast. This week, however, we expect GBP to be more driven by the broad dollar, with focus on US CPI. While near-term China reopening signals will bring pause in the broad dollar, the gloomy outlook and the monetary divergence still caps sterling from a long-term perspective," Barclays adds. 

Source:
Barclays Research/Market Commentary

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