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May 13 - 02:55 AM

GBP/USD - Wage Inflation Falls But Remains Above Inflation

By Andrew M Spencer  —  May 13 - 12:15 AM
  • Steady in a tight and quiet 1.2514-1.2527 range for sterling in Asia

  • There are no UK data or BoE events so risk appetite and the USD lead GBP

  • UK employers plan 4% pay rises in the coming year, public sector 3%

  • BoE expects UK inflation to ease to 2% in April - wages remain elevated

  • Charts; neutral 5, 10 & 21-day moving averages plus 21-day Bollinger bands

  • Daily momentum studies conflict - the signals show no significant bias

  • Resistance starts at Tuesday's 1.2568 top then 1.2595 upper 21-day Bolli

  • A close below 1.2427, 0.618% of the April/May rise would be a bearish signal

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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