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Dec 15 - 07:55 AM

GBP/USD - Within Strike Of 1.2350 Ahead Of BoE Rate Hike

By Rob Howard  —  Dec 15 - 05:55 AM
  • Cable met headwind just beyond 1.2350 after rallying off 1.2297 (2-day low)

  • There is a decent size 1.2350 option expiry for the 10am ET NY cut

  • 1.2297 was plumbed as equity losses hurt risk-sensitive pound nL1N3350JE

  • 1.2378 was Asia low. 1.2346-1.2446 was post-Fed hike range Wednesday

  • BoE rate decision at 1200 GMT; 50 bps hike to 3.5% expected nL8N3344CI

  • Possible four-way vote split on MPC (Tenreyro and Dhingra most dovish)

Source:
Refinitiv IFR Research/Market Commentary

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