• GBP$ soft in NY afternoon trade -0.54% at 1.3357; NorAm range 1.3418-1.3350

• Flows light in NY pre-Fed hold, Fed inflation concerns likely keep rates elevated

• UST yields higher owing to high inflation bias; stmt not much different than other c.banks

• Fed projections see 25bp hike in '26, followed by 25bp cut in '27/'28

• Geopolitical concerns ebbing, but remain fluid heading into phase 2; oil holds near lows

• Pair remains anchored near middle of 1.33-1.35 range; Thursday BoE moves into focus

• Today's UK CPI a touch beloow f/c may allow BoE to embark on less-hawkish policy path

• UK 10-yr gilt lower relieves some fiscal angst; post-BoE Makerfield by-election in focus

• GBP$ supt 1.3350 post-Fed hold low, 1.3325 daily low June 11, 1.3293 lower 30-d Bolli

• Res 1.3385 falling 10-DMA, 1.3522 daily cloud base, 1.3481 50% Fib of 1.3658-1.3304

GBP$ Chart:


(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)