GBP/USD unable to breach 200DMA and 1.3750 mark just yet, though remains well support amid ongoing buck weakness By Frank_Macro GBPUSD Fed BOE
ing average at 1.3736. GBP/USD is now consolidating in the 1.3730s. Nonetheless, cable’s 0.2% rally from around the 1.3700 level on Thursday has taken its weekly gains to more than 1.0% and seen the pair reach its highest levels since late-October. The move higher reflects a continuation of the recent broad weakening of the dollar against its G10 peers that has seen the Dollar Index drop more than 1.
Traders and analysts have put the recent weakness down to a squeeze on the market’s very crowded long-dollar positioning. Notably, recent weakness has seemingly gone against the fundamentals. Recent rhetoric frommembers and last week’s minutes have markets betting on as many as four rate hikes from the bank this year, with recent inflation and employment data supporting the outlook for tightening.
In the short-term, GBP/USD traders will be focused on Fed Vice Chair nominee Lael Brainard’s remarks in a Senate Hearing from 1500GMT as well as on other Fed speakers to guage the levels of support for multiple rate hikes and quantitative tightening in 2022. US weekly jobless claims figures will also be released at 1330GMT ahead of Friday’s US December Retail Sales report at the same time. UK November monthly GDP figures will also be released on Friday prior to the European open at 0700GMT.
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