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Nov 17 - 01:55 PM

GBP/USD - Early Whipsaw Gives Way To Slight Gain Amid Soft Fed Rate View

By Paul Spirgel  —  Nov 17 - 01:05 PM
  • GBP$ firm into NorAm close, +0.17% at 1.2432; Friday range 1.2440-1.2375

  • Pair soft early after weak UK retail sales, rebounds on more-dovish Fed view

  • US rates trump everything else as sterling gasps for air nL1N3CI1FJ

  • IRPR shows near-75% odds for Fed cut in May, 1st full BoE cut in Jun 2024

  • GBP$ res at 1.2440 Fri high, 1.2444 200-DMA, 1.2506 Daily High Nov 16

  • Support 1.2408 10-HMA, 1.2375 Friday Low, 1.2341 10-DMA

  • Double tops this week by 200-DMA and 1.25 cap mkt; close abv 100-DMA bullish

  • Support Thurs/Fri in mid-1.2370's, below puts 1.2288 50% of 1.2070-1.2506 in focus

Source:
Refinitiv IFR Research/Market Commentary

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