Trump-battered sterling faces where-to-now moment before BoE, Fed
With the first wave of dollar gains over following Republican Donald Trump's U.S. election victory, sterling now faces an uncertain near-term future with BoE and Fed rate decisions on Thursday that could add downside pressure to GBP/USD.
GBP/USD plumbed lows in the mid-1.28s as so-called Trump trades -- including higher Treasury yields and a stronger dollar -- were supercharged during the overnight session as vote tallies increasingly pointed to a comeback win for the former president.
As markets caught their breath and the initial dollar-buying spree lost momentum in the U.S. session, the question for risk-takers and sterling traders turned to "where to now" with the two central bank meetings looming large on the near-term horizon and expected to deliver 25bp cuts to U.S. and UK interest rates.
BoE guidance will be key for the pound.
Recall, sterling slipped to its recent trend low at 1.3845 after the release of the tax-hiking and expenditure-cutting UK budget, only to rebound as markets priced in a higher near-term BoE rate trajectory.
The Fed will also have to guide deftly to calm markets roiled by the Trump victory.
Technically, a close below the Oct. 31 low at 1.2845 would put the lower 30-day Bolli at 1.2783 and Aug. 9 low at 1.2727 in focus.
For more click on FXBUZ
GBP Chart: https://tmsnrt.rs/40Ah7yb
(Paul Spirgel is a Reuters market analyst. The views expressed are his own)
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