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Jun 06 - 04:55 AM

GBP/USD - Near 1.28 As Global Stock Gains Support Pound

By Rob Howard  —  Jun 06 - 02:40 AM
  • 1.2788 is low water-mark for cable since its Asian session rise to 1.2809

  • Ascent to 1.2809 influenced by global stock gains (pound is risk-sensitive)

  • 1.2809 is nine pips shy of Tuesday's 12-week high (1.2743 was Tuesday's low)

  • 1.2756 was Wednesday low, after US ISM services index beat; 53.8 vs 50.8 f/c

  • UK May construction PMI due at 0830 GMT; 52.5 forecast. UK election July 4

  • YouGov poll shows support for Farage's Reform UK party at 17%, Tories 19%

Source:
Refinitiv IFR Research/Market Commentary

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