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Aug 01 - 07:55 AM

GBP/USD - Rises To Five-Week High As August Gets Underway

By Rob Howard  —  Aug 01 - 06:10 AM
  • Cable reaches 1.2257 after rising further from 1.2065 (Friday's two-day low)

  • 1.2257 is highest level since June 28 (1.2291 was the high that day)

  • USD also weaker vs yen, euro, franc and AUD nL8N2ZD29TnL4N2ZD1PE

  • Pound underpinned by money market bias for 50 bps BoE rate hike this week

  • See: nL1N2ZD0GEnL8N2YU4D7. UK July final mfg PMI 52.1 nZRN004TPI

  • 1.2200 is now a GBP/USD support level (1.2198 was Asian session high)

Source:
Refinitiv IFR Research/Market Commentary

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