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Aug 11 - 03:55 PM

GBP/USD - Steady After PPI Whipsaw, Focus Shifts To Friday's UK GDP Data

By Paul Spirgel  —  Aug 11 - 01:45 PM
  • GBP$ soft into NY close, -0.1% at 1.2210; NorAm range 1.2250-1.2197

  • Pair rallied after US PPI dip, jobless claims rose nL1N2ZN0YN

  • Early NorAm rise reversed into close on Fed's less dovish comments

  • GBP$ reluctantly rises post-PPI as markets prep for Fed pivot nL1N2ZN18C

  • Pair found res at 1.2250, ahead of Wednesday's post-CPI high 1.2277

  • Support at Thurs low 1.2185, 10-DMA at 1.2155, 30-DMA at 1.2047

  • Friday's GDP and o/p data in focus for hints at UK recovery

  • Main event will be UK inflation data on Aug 17 for hints at how aggressive BoE may need to be

Source:
Refinitiv IFR Research/Market Commentary

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