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Sep 20 - 03:55 PM

GBP/USD - Hits New 2024 High After Upbeat UK Retail Sales

By Paul Spirgel  —  Sep 20 - 01:40 PM
  • GBP$ firm in NorAm afternoon, +0.23% at 1.3316; Fri range 1.3341-1.3269

  • Pair rallied to 2024 high 1.3341 after better than f/c UK retail sales

  • Less-dovish UK rate outlook supports GBP bid vs USD and other DM CCYs

  • Sterling sleds to new 2024 high amid upbeat fundamentals, technicals

  • Gilts up slightly in 2-to-10 year space; UST yields lower in same tenor

  • Res 1.3341 Fri 2024 high, 1.3366 upper 21d Bolli, 1.3437 Feb 25 2022 high

  • Supt 1.3269 Friday low, 1.3229 100-DMA, 1.3172 50% Fib of 1.3003-1.3341

Source:
Refinitiv IFR Research/Market Commentary

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