GBP/USD remains well supported above 1.3600 as sterling shrugs off Westminister noise about potential PM replacement By Frank_Macro GBPUSD BOE Politics
the pair has for the most part remained well supported to the north of the 1.3600 level. At current levels in the 1.3620s, cable looks on course to post an on-the-day gain of about 0.1% or roughly 20 pips. Sterling continues to shrug off Westminster noise surrounding the potential ousting of Boris Johnson from his position as UK PM. Analysts note that his potential replacements, such as UK Chancellor Rishi Sunak , would be unlikely to mark a significant shift in economic policy.
Friday’s UK December Retail Sales report is the only remaining tier-one data of note to cable this week. The data is unlikely to dissuade market participants from pricing in a high likelihood that thehikes interest rate by another 25bps on February 3 in wake of this week’s strong UK labour market and hotter than expected inflation data.
It may thus prove difficult to trade GBP/USD based upon central bank divergence. A better play might be to see GBP/USD in the short-term as more of a guage for, given sterling risk-sensitive properties. After the major US tech index the Nasdaq Composite fell into “correction” territory on Wednesday , Thursday has seen some stabilisation . If
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