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Aug 01 - 03:55 PM

GBP/USD - Bears Relentless As More-Hawkish BoE Rate Outlook Ebbs

By Paul Spirgel  —  Aug 01 - 01:40 PM
  • GBP$ soft into NorAm close -0.56% at 1.2760; NY range 1.2800-1.2742

  • Pair slips to new trend low amid soft glbl growth outlook China Mfg PMI

  • UK rates trickle lwr post-CPI; Dec rate hike slip from Jul 18 +103 to +82bp

  • Sterling long unwind continues as BoE rate expectations temper nL1N39I1J1

  • GBP$ supt at 1.2764 10-WMA, Aug 1 low 1.2742, 55-DMA 1.2687

  • Res hourly Tenkan at 1.2787, Aug 1 high 1.2838, 200-WMA 1.2894

  • EUR/GBP +0.4% to 0.8598, Tues range 0.8607-0.8551; BoE hikes evaporating at quicker pace than ECB

Source:
Refinitiv IFR Research/Market Commentary

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