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Oct 24 - 08:55 AM

GBP/USD - Prior Support Turns Resistance

By Justin Mcqueen  —  Oct 24 - 06:45 AM
  • A softer set of UK PMI figures has done little to alter the BoE outlook

  • BoE remain f/c to cut in Nov, while Dec cut odds sit at 65%

  • By extension, GBP has held onto the morning gains

  • Though prior support, turned resistance (100DMA) is capping for now

  • Above the 100DMA (1.2966), further resistance rests at 1.3013 (200HMA)

  • Latest BoE's Bailey remarks provide a lack of fresh insight on rate outlook

  • Looking ahead, BoE's Mann (Hawk) is due to speak at 1300GMT

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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