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GBP/USD: Pound fails to gain despite strong UK data – Societe Generale
OIS pricing implies three further rate hikes. Societe Generale’s Kenneth Broux says robust UK GDP and services growth continue to put pressure on the Bank of England (BoE) to raise rates again. Yet GBP/USD has staged a sharp reversal. Forthcoming CPI and wage figures will be crucial for rate expectations and the Pound’s direction.
Growth surprise fails to halt Pound retreat
"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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