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May 02 - 03:55 PM

GBP/USD - Slips Toward 2022 Low Amid Softening Global Growth Outlook

By Paul Spirgel  —  May 02 - 01:40 PM
  • GBP/USD soft into NY close -0.64% at 1.2497, Monday range 1.2598-1.2494

  • Global growth expectation on wane after soft China data nB9N2VH02S

  • Fed rate dominance over BoE adds to soft GBP$ view; Fed seen +50bp, BoE +25

  • Diverging Fed-BoE rate hike paths favor continued GBP weakness nL2N2WU0WU

  • GBP$ support at Mon low 1.2494, Apr 29 low 1.2455, Apr 29 2022 low 1.2412

  • Res lower 30-d Bolli 1.2533, Monday high 1.2598, minor Fib res at 1.2693

  • Bear in control, bulls regain momentum abv 1.2780 50% of 1.3147-1.2412

  • EUR/GBP +0.24% to 0.8405, Mon range 0.8417-0.8370; converging BoE-ECB rates weigh on GBP

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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