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Dec 22 - 08:55 AM

GBP/USD - Wider UK/US Yield Spreads Should Provide A Warning For GBP/USD Longs

By Justin Mcqueen  —  Dec 22 - 06:50 AM
  • Recent trends across FX persists during muted trading conditions

  • Consequently, the post-Fed dollar downtrend remains intact

  • There is also a potential month-end rebalancing front-running at play

  • In turn, GBP/USD has pared the entirety of the CPI inspired drop

  • With a retail sales beat also aiding the move

  • However, longs should be concerned by the UK/US yield spread divergence

  • A step away from the BoE's current message would likely weigh on GBP

  • The typically hawkish Haskel begins to re-think higher for longer view

  • Resistance ahead at 1.2793 (post-Fed/BoE high), 1.2840 (200WMA)

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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