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Jun 18 - 08:55 AM

GBP/USD - Boxed In Range With UK CPI Risk Ahead

By Justin Mcqueen  —  Jun 18 - 07:05 AM
  • GBP/USD -0.17%, pair remains boxed in range with UK CPI risk ahead

  • Traders hesitant to chase a breakout as CPI will have a big say on direction

  • August cut pricing = 41% implies good two-way risk for sterling

  • Though a soft print will likely have a larger impact amid build up of longs

  • Such outcome would open door to a test of the 200DMA (1.2553)

  • GBP/CHF lower can also be an expression to play a dovish BoE repricing

  • Bear target likely 1.1158-68 (200DMA/Apr swing low)

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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