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Mar 21 - 11:55 AM

GBP/USD - COMMENT-Rebounding Sterling Eyes Recent Resistance Near 1.3200

By Paul Spirgel  —  Mar 21 - 09:40 AM

GBP/USD erased earlier losses and edged higher on Monday, but its gains face a potentially short shelf life as bulls remain wary after the dovish tone that accompanied the BoE's latest 25bp rate hike and have been respecting resistance near 1.3200.

With February's four hawkish dissenters replaced by one dove in March, the BoE contrasted with the Fed, where officials appear to have become more determined to fight inflation.

A bevy of Fed speakers this week are expected to maintain the Fed's hawkish outlook for 2022 while balancing the nascent pandemic recovery, possibly adding to the dollar's dominance over GBP.

That could keep GBP/USD under pressure and the 2022 low by 1.30 under threat as projected U.S.
rate rises outpace UK hikes.
A dip below 1.30 would put the lower 30-day Bolli at 1.2938 and early Nov 2020 lows by 1.2854 in sharper focus.

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GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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