GBP/USD unable to breach 200DMA and 1.3750 mark just yet, though remains well support amid ongoing buck weakness

GBP/USD unable to breach 200DMA and 1.3750 mark just yet, though remains well support amid ongoing buck weakness By @Frank_Macro #GBPUSD #Fed #BOE

Gbpusd, Fed

1/13/2022 3:58:00 PM

GBP/USD unable to breach 200DMA and 1.3750 mark just yet, though remains well support amid ongoing buck weakness By Frank_Macro GBPUSD Fed BOE

GBP/USD’s bullish momentum has cooled off slightly in recent trade, with the pair unable to break above 1.3750 or hold to the north of its 200-day mov

Traders and analysts have put the recent weakness down to a squeeze on the market’s (up until very recently) very crowded long-dollar positioning. Notably, recent weakness has seemingly gone against the fundamentals. Recent rhetoric fromFedmembers and last week’s minutes have markets betting on as many as four rate hikes from the bank this year, with recent inflation and employment data supporting the outlook for tightening. As a result, once the “weak hands” are flushed out and positioning has reverted somewhat back to normality, some are calling for the DXY to find support in the mid-94.00s and then rebound later in the year to reflect the hawkish Fed/strong US economy combination.

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