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Jun 04 - 03:55 PM

GBP/USD's Post-NFP Gains Pared, 2021 High Remains In Focus

By Paul Spirgel  —  Jun 04 - 01:40 PM
  • Sterling ending Noram +0.5% at 1.4160; NorAm range 1.4200-1.4118

  • Pair rose steadily off NorAm open 1.4118, boosted after NFP miss

  • Another US payrolls miss puts sterling 2021 highs back in focus nL2N2NM17T

  • Payrolls miss lessens urgency on Fed APP taper, pushes rate hike down road

  • UK-US taper/rate view diverging, UK a tad more hawkish supports GBP gains

  • GBP support by recent trend low sub-1.40 ahead of 30-DMA at 1.4065

  • Bears gain momentum below 1.3960 50% Fib of 1.4250-1.3670, Apr/May range

  • EUR/GBP +0.13% at 0.8588, Friday range 0.8598-66; UK econ/pandemic recovery outpacing EZ

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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