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Aug 03 - 01:55 PM

GBP/USD - Support At 10-DMA Bruised, Holds Ahead Of Key BoE Meeting Thursday

By Paul Spirgel  —  Aug 03 - 01:30 PM
  • Sterling is ending NorAm -0.13% at 1.2142, Wednesday's range 1.2207-1.2100

  • Traders reversed intense selling into the Lon fix, lifting GBP$ from 1.2100

  • Hawkish Fed tones remove sterling's luster, UK-US rate convergence fades

  • Sterling eyes 10-DMA support amid more-hawkish Fed rate outlook nL1N2ZF1A2

  • GBP$ flirts w/10-DMA (1.2117) support as traders prune positions pre-BoE

  • BoE expected to hike rates 50bp Thursday, 25bp higher than recent hikes

  • Inflation seen rising to 11% by fall prods BoE to shift to inflation bias

  • Presser in focus for hints at BoE's rate path

  • Close below 10DMA open way for test of 30-DMA by 1.2063, then key Fib 1.2026

  • Sub-1.2026's 50% Fib of 1.1761-1.2292 momentum shifts to bears 2022 low eyed

  • Resistance 1.2207 Wed high, 1.2231 upper 21-h Bolli, 1.2292 Aug 1 high

Source:
Refinitiv IFR Research/Market Commentary

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