GBP/USD: Wary Of Fading Weakness Here As USD Remains Well Supported – BNPP

The pound wobbled quite a bit on Brexit, data, and more. What’s next?

Here is their view, courtesy of eFXdata:

BNP Paribas discusses GBP outlook and warns from fading GBP weakness around current levels especially as long as the USD strong momentum remains in place for now.

“The UK data calendar is quieter next week, leaving split screen focus on Brexit developments in the UK and in Europe. UK Prime Minister May’s position remains precarious but she appears poised to avoid a leadership challenge for now, while we expect EU leaders to be careful not to undermine her by rejecting the government’s White Paper outright.

Against this backdrop, EURGBP could lose some momentum, but we would be wary of fading GBPUSD weakness as the USD remains broadly well supported,” BNPP argues.

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