Emmanuel Ng of OCBC Bank notes that after a choppy session, GBP/USD ended slightly lower on the day despite supportive data readings.
“Markets may remain apprehensive going into BOE Carney‘s appearance on Wednesday amid background fears that the governor may express some discomfort with firmer interest rates.”
“On the CFTC front, net speculative GBP shorts were reduced in the latest week but the pair may hesitate on approach of the 1.5750/60 neighborhood on the top side while the 200-day MA (1.5516) may provide initial s support on dips.”
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