By Justin McQueen — Jan 20 - 12:50 PM
• GBP/USD slips back below 1.23 as Trump deliver inagural speech
• Trump says will tariff/tax foreign countries to enrich U.S. citizens
• Tariff threat remains despite removal of day 1 risk
• Traders continue to show little appetite to hold cable above 1.23
• Support sits at 1.2190-1.2200 (pre-tariff report level)
• Eyes on UK wage growth data (Jan 21)
• UK rates price 62bps of easing by year-end
• Wage miss would prompt further dovish repricing = GBP lower
GBPUSD hourly chart
(Justin McQueen is a Reuters market analyst. The views expressed are his own.)
Source:
London Stock Exchange Group | Thomson Reuters