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Jul 19 - 03:55 PM

GBP/USD - Rallies Ahead Of UK Inflation Amid Ramped Up Rates Outlook

By Paul Spirgel  —  Jul 19 - 01:40 PM
  • GBP$ +0.43% at 1.2005 into NorAm close; Tuesday range 1.2044-1.1926

  • Talk of ECB +50bp Thursday boosts BoE +50 on Aug 4 expectations

  • USD bid diminished after Fed members dial back Fed +100 bps post inflation

  • Sterling eyes resistance as ECB positioning enhances BoE view nL1N2Z01AU

  • UK inflation Wednesday f/c at G7-leading 9.3% adds to hawkish BoE view

  • 21-DMA resistance by 1.2061 caps for now, then 30-DMA at 1.2125

  • Close above 1.2083, 50% Fib of 1.2405-1.1761 shifts momentum to bulls

  • Support at Tues low 1.1926, 100-HMA 1.1898, Jul 14 low 1.1761

  • EUR/GBP +0.48 at 0.8527; more hawkish ECB rate liftoff boosts EUR

Source:
Refinitiv IFR Research/Market Commentary

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