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Mar 17 - 03:55 PM

GBP/USD - Higher As Bank Contagion Fears Ebb, Lower Fed Rate View Aids Rise

By Paul Spirgel  —  Mar 17 - 01:45 PM
  • GBP$ firm into NY close, +0.56% at 1.2176; NorAm range 1.2180-20

  • Pair creeps higher as UST yields slide, futures indicate lower Fed rate path

  • Equities, commods slide, gold gains 2.5% as mkts brace for more bank angst

  • Fed, BoE policy updates key to sterling's firming tone nL1N35P14R

  • Pair set to close above daily cloud bullish, resistance firm just abv 1.22

  • Res Fri high 1.2180, Mar 14 high 1.2203, upper 21-d Bolli 1.2215

  • Close abv Feb 14 flash high 1.2269 opens way for test of '23 highs abv 1.24

  • Support at 55-DMA 1.2130, Friday low 1.2103, series of DMAs 1.2050-30

Source:
Refinitiv IFR Research/Market Commentary

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