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Aug 22 - 03:55 PM

GBP/USD - Unable To Hold Above 55-DMA, Drifts Lower Ahead Of Powell Friday

By Paul Spirgel  —  Aug 22 - 01:50 PM
  • GBP$ ending NorAm -0.1% at 1.2740; NorAm range 1.28-1.2719

  • Europe high put in on UST yield dip; front-end yield rise weighs on GBP

  • Sterling probes daily cloud base support as US yields tick higher

  • Jackson Hole, Powell Friday key event; marts tipped to high-for-longer Fed

  • Supt by bruised dly cloud base 1.2726, then Aug 18 low 1.2690, 100DMA 1.2634

  • Res 55-DMA at 1.2771, Aug 22 high 1.28, 30-DMA 1.2827

  • UK Aug flash PMIs on Wednesday seen soft may diminish BoE rate expectations

  • But, U.S. jobless claims and Powell comments Friday more meaningful

Source:
Refinitiv IFR Research/Market Commentary

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