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Jun 21 - 03:55 PM

GBP/USD - Extends Losses After Diverging UK-US PMIs, BoE-Fed Rate Expectations

By Paul Spirgel  —  Jun 21 - 01:35 PM
  • GBP$ soft in NorAm afternoon, -0.16% at 1.2636; Friday range 1.2675-1.2622

  • US PMIs abv f/c to keep Fed steady, UK data soft opens path for BoE cuts

  • Sterling's 100-DMA tested, daily cloud top at 1.2596 in focus nL1N3IJ0H2

  • GBP supt melts away, pair bounces ahead of 55-DMA 1.2619; GBP trending lower

  • Below the 55-DMA GBP bears eye daily cloud top at 1.2596, 200-DMA 1.2557

  • Resistance 1.2656 20-DMA, 1.2675 Friday daily high, 1.2715 falling 10-DMA

  • A rise above 10-DMA resistance will see momentum shift away from GBP bears

  • UK elction July 4 increasing in focus; Labour win likely GBP negative

Source:
Refinitiv IFR Research/Market Commentary

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