GBP/USD looking to BoE for support - Scotiabank

Analysts at Scotiabank explained the recent fundamentals around GBP/USD.

Key Quotes:

"Second-tier survey data provided mixed news on the economy overnight, with the Gfk Consumer Confidence data softening in line with expectations (-10 in Oct, from -9 in Sep) while the Lloyds Business Barometer strengthened modestly (26, from 23). 

The GBP remains well-supported ahead of the BoE policy decision Thursday but, with a 25bps tightening more or less fully factored in now – and Brexit risks remaining a clear constraint on prospects – the BoE will have to act and talk hawkishly to keep the GBP supported we feel."