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Feb 01 - 03:55 AM

GBP/USD - Down Before BoE On Lower Risk Of March Fed Rate Cut

By Rob Howard  —  Feb 01 - 02:40 AM
  • Cable drops towards 1.2641 as USD benefits from lower risk of Fed March cut

  • 1.2641 was 2-week low Tuesday. 1.2750 was intra-week high Wednesday, pre-Fed

  • Bids may emerge around 1.2600 if GBP/USD falls further (1.2597 is 2024 low)

  • BoE MPA at 1200 GMT; rate votes of four 'external' MPC members in focus

  • Cable might rebound through 1.2700 if BoE guidance is relatively hawkish

  • UK might not have room for 'very big tax cuts' in March budget, says Hunt

Source:
Refinitiv IFR Research/Market Commentary

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