3 Nov 2015
GBP under pressure as sellers intensify pressure – BBH
FXStreet (Delhi) – Research Team at BBH, note that despite better than expected manufacturing PMI Monday, sterling ran into a wall of sellers near $1.55, and was unable to recover.
Key Quotes
“There was talk of Asian central banks on the offer. It finished the North American session just off its lows near $1.54. The implied yield of the June 2016 short-sterling futures has risen by 10 bp over the past four sessions. Sterling has gained a net 1% over those four sessions. The market may turn cautious ahead of Super Thursday (MPC decision, minutes and quarterly inflation report). Technical support may be found in the $1.5340-1.5370 area.”
Key Quotes
“There was talk of Asian central banks on the offer. It finished the North American session just off its lows near $1.54. The implied yield of the June 2016 short-sterling futures has risen by 10 bp over the past four sessions. Sterling has gained a net 1% over those four sessions. The market may turn cautious ahead of Super Thursday (MPC decision, minutes and quarterly inflation report). Technical support may be found in the $1.5340-1.5370 area.”