BoE’s Saunders was the latest voice to add to the more hawkish tone following Ramsdens earlier in the week. Saunders has historically been one of the more dovish members of the MPC. GBPUSD price action remains choppy, with demand on dips emerging ahead of 1.3800 over the past few sessions, although similarly, supply towards 1.3900 has contained the range. It makes sense to remain constructive on GBP overall and biased to buy dips. Still, flexibility remains warranted given recent price action as the threat of full-blown FOMC pivot at the July meeting should be respected.
Initial support is at 1.3800-15 ahead of 1.3745-55, and resistance at 1.3890-00 followed by 1.3915-25, a daily close above, strengthening the bullish tone.
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