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May 05 - 11:55 AM

GBP/USD - Supported By July 2020 Low After Two Cent Tumble

By Rob Howard  —  May 05 - 09:40 AM
  • Cable elicited support by 1.2360 after tumbling in reaction to BoE guidance

  • BoE flags risk of recession and 10% inflation as it raises rates by 25 bps

  • See: nL2N2WX0QG. 1.2360 was July 2020 low. 1.2520 was Ldn am low (pre-BoE)

  • 1.2412 (Apr 28 low) is now a resistance level, pre-1.2453 (Wednesday's low)

  • Two MPC members look set to vote against another BoE rate hike in June

  • If Cunliffe is one (given his March hold vote), Tenreyro may be the other

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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