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Oct 19 - 01:55 PM

GBP/USD - Eyes Multiple Moving Average Support Sub-1.12 After Hot UK CPI

By Paul Spirgel  —  Oct 19 - 01:25 PM
  • GBP$ limps into NY close -1.07% at 1.1195; Wed range 1.1356-1.1186

  • Sterling bears shift focus back to inflation-recession woes post-hot CPI

  • Hawkish BoE hike hopes temper, futures eye 56% odds for +100 on Nov 3

  • Sterling runs out of gas after UK inflation pokes above 10% nL1N31K1E0

  • GBP$ breaks below 30-DMA supt at 1.1245 eyes 10-DMA at 1.1175, 21-DMA 1.1135

  • Key level 1.0910, 50% Fib of 1.0327-1.1493, rise off mini-budget low

  • Resistance 1.1245 fmr 30-DMA supt, hourly cloud base 1.1296, 1.1356 Wed high

  • EUR/GBP +0.17% at 0.8720, Wed range 0.8729-0.8684; higher UK rates perceived as threat to UK growth

Source:
Refinitiv IFR Research/Market Commentary

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