By Rob Howard — May 12 - 07:40 AM
Cable remains sub-1.2550 following unexpectedly negative UK March GDP print
1.2550 is a former support level (May 4 low, after ECB hiked by 25 bps)
GBP/USD slid through 1.2550 on Thursday, en route to 1.2497 (one-week low)
Drop to 1.2497 was spurred by demand for the safe-haven dollar nL4N3792M8
Biden/McCarthy debt ceiling meeting postponed to next week nL1N3783AM
Yellen: still some uncertainty about when U.S. Treasury will run out of cash
Source:
Refinitiv IFR Research/Market Commentary