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GBP/USD Rally Puts Spot Clear of Key Expiries

GBP
  • GBP/USD's rally today puts spot clear of most notable options interest rolling off across the coming week, with markets looking to gauge the recent shift in BoE rate expectations across 2024, after the Autumn Statement prompted pricing (and a handful of sell-side analysts) to push back expectations for the first rate cut next year well into Q3.
  • Close to $4bln rolls off across the Monday-Friday cuts next week between 1.2250-1.2500, and with few UK data releases, focus will be on appearances from BoE's Bailey, Ramsden, Haskel, Hauser and Greene due to appear.
  • 1.2589 resistance has been cleared on today's rally (50% of the Jul 14 - Oct 4 bear leg). A close at current or higher levels makes 1.2686 and 1.2720 the next key levels of note.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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