GBP / USD REBOUNDS ON DOLLAR WEAKNESS , BUT EUR / GBP AND GBP / CHF HOLD THE STERLING VERDICT

What happened: GBP/USD rebounded sharply from 1.3135, a move that accelerated Thursday and extended into Friday, while EUR/GBP stalled near a key support level and GBP/CHF stayed below 1.1105. Key numbers: GBP/USD rebounded from 1.3135, reached October 14. Bank Rate held at 3.75% in September by a 6-3 vote. Why it matters: The move looks more like a Dollar retreat than broad Sterling strength, since EUR/GBP and GBP/CHF have not confirmed a recovery. November BoE hike expectations remain firmly priced, but this week brought no fresh hawkish repricing.

GBP/USD rebounded sharply from 1.3135, a move that accelerated Thursday and extended into Friday, while EUR/GBP stalled near a key support level and GBP/CHF stayed below 1.1105.

The move looks more like a Dollar retreat than broad Sterling strength, since EUR/GBP and GBP/CHF have not confirmed a recovery. November BoE hike expectations remain firmly priced, but this week brought no fresh hawkish repricing.