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Apr 14 - 07:55 AM

GBP/USD - May Settle In 1.27-1.33 Range

By Jeremy Boulton  —  Apr 14 - 05:55 AM
  • Cable has posted a series of lower monthly highs this year

  • GBP/USD traded a similar series between June-Dec 2021

  • Full extent of that decline is 1.4250-1.2973, 1.3749 high in 2022

  • Recent rebounds reflect the importance of 1.3000 for hedging

  • Effectively support is holding with GBP afforded support as BOE hikes

  • Pressure from faster and larger extent of U.S hikes should cap cable

  • Ranges within monthly Ichimoku cloud may develop (1.2680-1.3326)

  • Later this year a drop for cloud base may allow for ranges to fall too

  • Monthly cloud 1.2455-1.2895 in Dec when rate gap may be 1% fav USD

  • There is big scope for GBP to rise vs EUR nL2N2WC0JJ



GBP/USD monthly Click here

Source:
Refinitiv IFR Research/Market Commentary

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