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Dec 16 - 04:55 PM

GBP/USD - Fleeting New Peak, US Data, Fed Trigger Haven Dollar Rebound

By Randolph Donney  —  Dec 16 - 02:35 PM

  • Modest new two-and-half year 1.3555 high for GBP/USD, pre-Fed pullback

  • Early gains trimmed amid dollar's risk-off recovery on sales data miss

  • Comes after 3.2% rebound from Friday's Brexit angst-driven low

  • Cable dips below unchanged after Fed disappoints reflation traders

  • Close above 2019's 1.3516 is needed to signal a bigger upside breakout

  • Pound's rise partly based on Brexit deal that's yet to be agreed

  • But selling of the haven dollar is also integral to cable's uptrend

  • Poor U.S. sales, post-Fed yield rise, stocks slide trim cable's rally

  • BOE seen steady Thursday, rate cuts next year if no-deal Brexit

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Refinitiv IFR Research/Market Commentary


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