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Dec 29 - 01:55 PM

GBP/USD - Bulls Wary Near 1.28, Near Recent Trend High Awaiting Fed, BoE Moves

By Paul Spirgel  —  Dec 29 - 12:30 PM
  • GBP$ trades +0.08% at 1.2744 into NY afternoon; NorAm range 1.2761-02

  • Pair once again ran into resistance near 1.28 as recent longs temper

  • BoE first full cut seen in May 2024 versus 1st Fed cut priced for March

  • FXHEAT on Eikon highlights erratic trading pattern last 2 days

  • Fed, BoE will determine 2024 direction for pair; Fed seen cutting Mar 2024

  • GBP may be capped by Dec high as falling inflation may tip BoE more-dovish

  • Pair finds supt by 1.27 Dec 27-29, then 21-DMA 1.2664, 200-DMA 1.2529

  • Res 1.2773 Fri high, 1.2805 upper 30-d Bolli, 1.2825 Dec 28 high

  • GBP$ up 5.5% in 2023, +4.5% last 3-months as Fed cuts pulled forward

Source:
Refinitiv IFR Research/Market Commentary

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