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Mar 19 - 03:55 PM

GBP/USD - Catapults Off Early NorAm Low 1.2668 Ahead Of UK CPI, Fed Wednesday

By Paul Spirgel  —  Mar 19 - 01:35 PM
  • GBP$ pared early losses into close; -0.02% at 1.2728; NY range 1.2731-1.2681

  • Early USD bid post BoJ rate hike off neg rate pared considerably ex-yen

  • Sterling slide from Mar 8 high 1.2894 to today's 1.2668 low a bit overdone

  • Traders cautious ahead of Wednesday's UK CPI, Thursday BoE pruning positions

  • Sterling may extend dip below Fibo support if UK CPI surprises lower

  • GBP$ res 1.2731 Tues high, 1.2758 Mar 15 high, 1.2780 Daily conversion line

  • Supt 1.2706, battered 50% of 1.2518-1.2894, still folding; 1.2668 Tues low

  • UK CPI, Fed rate decision Wednesday; BoE Thursday considerable headline risk

Source:
Refinitiv IFR Research/Market Commentary

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