By Rob Howard — Oct 03 - 04:30 AM
Cable drops to 1.3124 as pound continues to suffer on Bailey's dovish steer
1.3124 is lowest level since Sept 13 (vs 1.3245 before Bailey guidance)
Governor Bailey says BoE could become "a bit more aggressive" on rate cuts
Next BoE rate decision Nov 7: 25 bps cut to 4.75% is consensus expectation
GBP/USD bids likely around 1.3100 (1.3104 is 76.4% Fibo of 1.3003-1.3434)
1.3170 (earlier stall point) is now a resistance level, ahead of 1.3200
Source:
Refinitiv IFR Research/Market Commentary