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EUR/GBP Bounce Confirmed Corrective as Cross Returns Lower

GBP
  • Alongside the positive US cash equity open, GBP/USD improves to briefly touch the best levels of the day at 1.2580 - marking a bounce of just under 50 pips off the overnight lows.
  • Options markets have generally been quiet across G10 FX space, but GBP hedging has been an exception - upside demand has been evident, thanks to more sizeable calls trading today with 1.2565, 1.2660 and 1.2850 strikes.
  • Moves isn't solely USD-led, with EUR/GBP hitting pullback lows in tandem - we noted the corrective nature of the bounce in the cross this week, with MAs holding in a bear-mode condition to expose 0.8493, Aug 23 '23 low as the next key support.
  • Interview with BoE's Dhingra today shed few fresh details on BoE thinking, as she cemented her stance as among the most dovish on the MPC. Breeden and Mann's appearances tomorrow/Thursday should provide views of the more neutral and hawkish ends of the MPC spectrum respectively.
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