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May 28 - 03:55 PM

GBP/USD - Flirts With 9-Week High By 1.28 Amid Less-Dovish BoE Rate Outlook

By Paul Spirgel  —  May 28 - 01:40 PM
  • GBP/USD flat at 1.2770 in NorAm afternoon, Tuesday range 1.2801-1.2762

  • Early rise to 9-wk high above 1.28 hints market tipped to further gains

  • UK rate expectation on a decidedly more hawkish path post-CPI

  • Sterling appears set to keep the rally going nL1N3HV1E5

  • STIRs price 6% odds for Jul, 40% odds for Aug UK cut; Fed 54% for Sep cut

  • GBP$ supt 1.2762 Tues low, 1.2717 rising 10-DMA, 1.2676 May 24 low

  • Res 1.2801 Tues high, 1.2803 Mar 21 high, 1.2860 200-DMA, 1.2894 Mar 8 2024 high

Source:
Refinitiv IFR Research/Market Commentary

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