The deterioration in risk sentiment, risks of a dovish repricing in the BoE rate expectations..
Money markets are currently pricing around 150 bps of additional BoE rate hikes by year-end from 160 bps on Friday.
Technically there are 2 reasons that make GBPUSD bullish:
1. Several times the price can't breakout the support area .
2. Oversold on the RSI 14.
Historically, when the price touches the support area and a oversold occurs, the price will be bullish going forward, but a breakout of the support area also possible.
Money markets are currently pricing around 150 bps of additional BoE rate hikes by year-end from 160 bps on Friday.
Technically there are 2 reasons that make GBPUSD bullish:
1. Several times the price can't breakout the support area .
2. Oversold on the RSI 14.
Historically, when the price touches the support area and a oversold occurs, the price will be bullish going forward, but a breakout of the support area also possible.
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