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Jul 26 - 07:55 AM

GBP/USD - Drops To Threaten 1.20 As Fed Countdown Continues

By Rob Howard  —  Jul 26 - 06:00 AM
  • Cable eyes 1.2000 after extending south from 1.2090 (3-week high in Asia)

  • Drop precedes start of two-day FOMC meeting; 75 bps rate hike expected

  • See: nL1N2Z21XCnL1N2Z2242. EUR/USD has also fallen through 1.02

  • Safe-haven USD aided by Russia slashing gas supplies to Europe nL1N2Z70AC

  • 1.1964 (Monday's early London low) is GBP/USD support point below 1.20

  • Odds suggest 73% chance Truss is next UK PM (vs 66% Friday) nL1N2Z70K1

Source:
Refinitiv IFR Research/Market Commentary

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