GBP/USD: BoE DG reiterates caution on policy outlook – Scotiabank
The Pound Sterling (GBP) is modestly higher on the session, tracking its G10 peers for the most part. BoE DG Lombardelli reiterated her caution on the policy outlook in an interview with the FT, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP gains modestly
“The latest comments go a little further in defining the ‘cautious’ approach to policy adjustment that her colleagues have referenced in recent comments. Lombardelli wants to see more evidence of the ‘disinflation process continuing’ before easing again. Markets continue to price in around 80% risk of a 25bps cut in February, with the Bank widely expected to take a pass at the December decision.”
“Cable has been pressuring minor trend resistance off the early November high in spot over the past couple of sessions and has managed to make a clean break above that point (now intraday support) at 1.2591 so far today.”
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