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Jun 25 - 03:55 PM

GBP/USD - Bulls Shrug Off Sideways PCE, Lighten Longs After BoE's Dovish Hold

By Paul Spirgel  —  Jun 25 - 01:51 PM
  • GBP soft into NY close -0.24% at 1.3889; NorAm range 1.3931-1.3889

  • USD erases early NorAm losses after PCE data hints at low-for-longer rates

  • Sterling boosted off session lows after below-forecast core PCE nL2N2O7175

  • Dovish BoE Thurs pushes GBP near lwr 30-d Bolli supt at 1.3868

  • Failure by 10DMA at 1.3955 suits bears, trend low 1.3787 in focus

  • Rapid spread of Delta variant, UK-EZ post-Brexit trade issues weigh on GBP

  • EUR/GBP +0.32% at 0.8591, UK-EZ policy converges; Fri range 0.8604-0.8570

  • Resistance at 10-WMA by 0.8628, above eyes 30-DMA at 0.8738

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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