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May 05 - 05:55 AM

GBP/USD - Drops Towards 1.25 Ahead Of BoE Event Risk

By Rob Howard  —  May 05 - 03:50 AM
  • Cable hits 1.2520 after falling further from 1.2637 pre-BoE event risk

  • 1.2520 = intra-day low. 1.2637 was Wednesday's Powell-spurred high

  • See: nL2N2WX0BP. Drop to 1.2520 precedes BoE rate decision at 1100 GMT

  • 25 bps BoE hike expected nL5N2WW63C. 21% chance of 50 bps hike BOEWATCH

  • Support levels below 1.25 include 1.2453 (Wednesday's low) and 1.2412

  • 1.2412 was 21-month low on April 28. UK local elections today nL5N2WP6BR

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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