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Oct 03 - 05:55 AM

GBP/USD - Sinks To Three-Week Low On BoE Chief's Dovish Steer

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

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