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Jul 29 - 04:55 AM

GBP/USD - Ascends Through 1.22 As Month-End Looms

By Rob Howard  —  Jul 29 - 02:35 AM
  • Cable rises to 1.2224, highest level since June 28, as month-end looms

  • USD hurt by dovish shift in Fed expectations on negative U.S. Q2 GDP print

  • See: nL1N2Z83DU. 10-year UST yield down to 2.65% low vs 2.78% pre-GDP data

  • 2.65% is lowest level since mid-April. 1.2105 was GBP/USD low pre-GDP data

  • 1.2200 (former resistance level) is now a support point (1.2203 = Asia high)

  • UK defence minister Wallace endorses Truss for PM nL8N2ZA1EDnL8N2Z84WB

Source:
Refinitiv IFR Research/Market Commentary

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