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May 18 - 04:55 AM

GBP/USD - Deflated By Lower Risk Of 50 Bps BoE Hike On UK CPI

By Rob Howard  —  May 18 - 02:55 AM
  • Cable falls to 1.2437 on dovish shift in BoE expectations after UK CPI data

  • 1.2437 = intra-day low. 1.2501 was Asia high (pre-UK CPI data) nL2N2XA0BK

  • UK April CPI came in fractionally below forecast, at 9.0% YY nL5N2XA17N

  • Probability of 50 bps BoE hike in June down to 18% vs 38% at Tuesday's close

  • Percentages courtesy of Refinitiv measure based on I/R futures BOEWATCH

  • 1.2420 and 1.2400 are support points (1.2420 = 23.6% Fibo of 1.2156-1.2501)

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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