FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank suggests, for now, the market focus is on removing some of the more aggressive interest rate pricing.
"Diverging internal views hints at a BoE who is moving towards interest rate hikes. GBP looks vulnerable to test down to the March low of 1.6460; but we would expect some retracement after that as the BoE is likely to be the first of the G4 to hike rates."
"GBP/USD short‐term technicals: bearish—with no warnings on the daily or weekly charts yet. Accordingly the nearterm risk is further downside; with support fairly limited until reaching the March low of 1.6460."