GBP/USD: 1.30 could be the surprise package for Christmas above resistance at 1.2820/1.2850 – ING

The Bank of England (BoE) offered pushback against dovish expectations. Economists at ING analyze the Pound’s outlook after the latest Monetary Policy Statement. 

BoE ladles thin gruel to the doves

There was nothing in the BoE statement to encourage dovish expectations for 2024, and Dec 2024 Sonia 3m interest rate futures lost about 10 ticks after the meeting.

For today, look out for the flash UK PMIs for December. The important services index is holding its head above the 50 break-even area and another reading near 51 might prove a little supportive to the Pound. 

1.2820/1.2850 is decent resistance for Cable above which 1.30 could be the surprise package for Christmas.