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GBP/USD: Why has strong UK data failed to lift the Pound? – Societe Generale
A sharp reversal in GBP/USD has come despite robust UK GDP and services growth, which Societe Generale’s Kenneth Broux says are maintaining pressure on the Bank of England (BoE) to raise rates again. OIS pricing points to three further hikes. The next CPI and wage releases will be crucial in shaping interest rate expectations and the Pound’s direction.
Why is the Pound retreating despite stronger-than-expected growth?
"GBP/USD: 1.3221 - 1.3242 overnight range. Cable finds support on the lows above 1.3220 as selling takes a breather following 1.7% drop from Tuesday’s pre-US CPI high. Support 1.3140, resistance 1.3310."
"CPI and wage data next week. EUR/GBP support 0.8320."
"3Q GDP growth of 0.7% surpassed the BoE estimate of 0.4% and keeps pressure on the bank to raise interest rates for a second time in December or February."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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