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- Hot US CPI and Retail Sales could hasten return of GBP/USD below 1.20 – SocGen
Hot US CPI and Retail Sales could hasten return of GBP/USD below 1.20 – SocGen
If US data today and tomorrow exceeds expectations, GBP/USD could slump below the 1.20 level, analysts at Société Générale report.
An imminent return to early 2023 highs of around 1.2450 is implausible
“GBP/USD recovered from a decline below 1.20 for the first time in a month but a return below te psychological level cannot be ruled out this week if US CPI and/or retail sales surprise to the upside.”
“With the BoE nearer to pausing the tightening cycle than the Fed, an imminent return of GBP/USD to early 2023 highs of around 1.2450 is implausible.”
“The 200-DMA remains first support below 1.20 at 1.1944.”
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