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GBP: USD Index Recovers, Cable Prints Fresh Pullback Lows

GBP
CEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • GBP is once again among the poorest performers in G10 today, extending the weakness during yesterday’s session. Alongside the move higher for US yields and the latest strength for the USD index, GBPUSD (-0.10%) has slipped back below the 1.3000 handle, and printed fresh pullback lows below 1.2974 in recent trade.
  • Last Wednesday’s break lower confirmed a resumption of the current bear cycle and an important support at 1.3002, the Sep 11 low, has been breached, reinforcing the current theme. Price action initially targets 1.2959, a Fibonacci retracement point, and below here markets will turn their focus to 1.2890, the Aug 18 low.
  • BoE Governor Bailey is due to speak at 1425BST/1525CET today (the first of three appearances this week). The main thing the market will be watching for is whether he repeats the language he used in his Guardian interview earlier this month when he said that if the inflation data surprised to the downside the MPC would need to be “more activist”.
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  • GBP is once again among the poorest performers in G10 today, extending the weakness during yesterday’s session. Alongside the move higher for US yields and the latest strength for the USD index, GBPUSD (-0.10%) has slipped back below the 1.3000 handle, and printed fresh pullback lows below 1.2974 in recent trade.
  • Last Wednesday’s break lower confirmed a resumption of the current bear cycle and an important support at 1.3002, the Sep 11 low, has been breached, reinforcing the current theme. Price action initially targets 1.2959, a Fibonacci retracement point, and below here markets will turn their focus to 1.2890, the Aug 18 low.
  • BoE Governor Bailey is due to speak at 1425BST/1525CET today (the first of three appearances this week). The main thing the market will be watching for is whether he repeats the language he used in his Guardian interview earlier this month when he said that if the inflation data surprised to the downside the MPC would need to be “more activist”.