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GBP/USD – odds of corrective move just increased further

FX:GBPUSD   British Pound / U.S. Dollar
Cable’s resilience and determination to hold above 1.31 handle despite batch of bearish news in Asia suggests an attempt is likely to be made at 1.3206 levels today.

News hit the wires in early Asia that BOE’s Weale, a well known hawk, is calling for immediate stimulus. That pushed Cable lower from around 1.3160 to 1.3082 before bird quickly recovered above 1.31 handle.

Other news was RBS             who also owns NatWest are planning to implement negative rates strategy if the BOE pushes base rate below zero in future.

Despite this Cable sits well above last Wednesday’s low of 1.3065 and above 1.31 handle. Consequently, a 100-pip up move cannot be ruled out. Meanwhile, on the downside 1.3064 needs to be breached on daily closing basis in order to signal short-term bullish invalidation.
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