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It's all about the Pound

FOREX
  • Its all about the Pound this morning given the BoE debacle yesterday.
  • New lows across the board for the GBP against JPY, USD, EUR.
  • The pound is in the red across G10.
  • In terms of technical for the currency, GBPJPY next immediate support is now seen at 15.733.
  • Cable is through yesterday's low at 1.3471.
  • Further downside traction, opens to 1.3423 2.0% 10-dma env
  • Next resistance in EURGBP is seen at 0.8598 76.4% retracement of the Sep 29 - Oct 26 sell-off
  • Surprisingly, USD is seeing some buying and that's despite the lower US yields and the Risk On tone, so some divergence/dislocation here.
  • The USD is up against all majors, beside the Yen and the SEK.
  • Most of the attention turns to the BoE speakers, with Pills Ramsden and Tenreyro.
  • On the data front, sees the US NFP, but given the spillovers over from the UK, short term focus is on the speakers

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