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GBP/USD falls after Bailey makes aggressive call for lower interest rate cuts next year
A couple of minutes ago the Bank of England Governor, Andrew Bailey said he sees room for 4 interest rate cuts next year. These comments have surprised the markets and sent the Pound immediately lower. The GBP/USD was already slipping back from an earlier high just above 1.2700. The comments from Bailey sent it to a session low at 1.2630. The reader is reminded of the most recent low, at 1.2618 mentioned yesterday. Any move through there could extend to the downside. Now shortly we will get the same services sector PMI revision for the UK as we had from Italy, France, Germany and the Eurozone. If the the UK data is revised lower, that will not rest well for the Pound. That data is due at 9.30am GMT. The GBP/USD is currently at 1.2638
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