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Jul 15 - 01:55 PM

GBP/USD - Rises On Broad USD Selling Amid Tempered Fed Rate Expectations

By Paul Spirgel  —  Jul 15 - 01:30 PM
  • GBP$ firm into NY close +0.3% at 1.1860; Friday range 1.1872-1.1805

  • Reduce Fed +100bp expectations for Jul 27 weighs on USD broadly

  • GBP bid may be short-lived as 2022 BoE hike path subordinate to Fed

  • Sterling risks remain tipped to downside after brief pause nL1N2YW17N

  • Supt at 1.1805 Fri low, 1.1761 Thursday's 2022 low, 1.1748 lwr 30-d Bolli

  • Res Thurs high 1.1891, 10-DMA 1.1940, 1.2007 38.2% Fib of 1.2405-1.1761

  • A close above 1.2083 50% Fib of 1.2405-1.1761 shifts momentum to bulls

  • EUR/GBP +0.4% to 0.8505, Fri range 0.8513-0.8470; EUR shorts on move thru parity lightening

Source:
Refinitiv IFR Research/Market Commentary

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