GBP/USD seesaws around 1.1700 even as options market turns bearish

GBP/USD struggles for clear direction after bouncing off the 29-month low, marked the previous day, as options market data favor bearish bias.

That said, one-month risk reversals on the British pound (GBP), a gauge of calls to puts, snapped a four-day uptrend while flashing -0.060 figures by the end of Monday’s North American session.

On the contrary, the cable’s weekly RR jumped the most in the last three weeks by the end of Friday.

In addition to the weekly hawkish bias, versus the daily pessimism, hopes of further consolidation in the GBP/UDS prices, due to the expectations that the UK could overcome the energy prices, also seemed to have restricted the GBP/USD moves of late. Recently, Bloomberg came out with the news suggesting that Europe nears gas storage targets early despite the Russian supply cut.

Also read: GBP/USD oscillates around 1.1700, spotlight shifts to US NFP