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Oversold GBP looking to rebound
Sterling is the strongest major currency today but has been a little forgotten among all the recent volatility. That may be because it sits between safe haven currencies like JPY and CHF, and higher-yielding, more risk-on ones like AUD and NZD. UK news has been limited recently with money markets pricing out the December rate hike by the Bank of England. There’s now just around a 30% chance of a move, which was a near certainty last week before the Omicron news. New risk-off news will hurt GBP versus the euro and yen, but the pound is at important junctures in these crosses. EUR/GBP hits trendline resistance This ... (full story)
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