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Jan 24 - 01:55 PM

GBP/USD - Dip Below 10-DMA Short-Lived, Regains 1.23 On UST Yield Slide

By Paul Spirgel  —  Jan 24 - 01:25 PM
  • GBP$ ending NorAm -0.35% at 1.2327; Tuesday range 1.2414-1.2264

  • Pair shrugs off UK PMI misses, US PMI beat rallies amid falling US rates

  • Sterling bears test 10-DMA support sub-1.23 after UK PMI misses nL1N349128

  • Rates remain key driver, focus on US GDP, PCE Thurs; Fed, BoE meets Feb 1,2

  • Support at 10-DMA 1.2289, Tues low 1.2264, daily cloud top 1.2181

  • Res 1.2367 100-HMA, 1.2414 Tuesday high, 1.2448 Jan 23 2022 daily high

  • EURGBP +0.52% at 0.8823, Tues range 0.8846-0.8768; UK PMI misses weighs on GBP, ECB seen more hawkish



Source:
Refinitiv IFR Research/Market Commentary

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