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Apr 21 - 03:55 PM

GBP/USD - Pares Early UK RS, US PMI-Related Slide; Bulls Regain Bruised 21-DMA

By Paul Spirgel  —  Apr 21 - 01:40 PM
  • GBP$ ends NY -0.15% at 1.2427, early dip pared, NY range 1.2433-1.2368

  • UK RS misses, U.S. PMI beats shrugged off bulls keep focus on UK rate path

  • Sterling under pressure after UK RS miss, US PMI beats nL1N36O1DA

  • Bullish tone prevails, for now, despite several tests of 21-DMA support

  • GBP$ supt at 21-DMA 1.2403, Apr 17 low 1.2353, 30-DMA 1.2340

  • Res Fri high 1.2443, April 19 high 1.2475, 2023' Apr 14 high 1.2545

  • UK inflation-recession angst, high-for-longer Fed path stalls further ascent

  • EUR/GBP +0.2% at 0.8833, Fri range 0.8861-14; EZ svcs PMI rise hints at EZ recovery

Source:
Refinitiv IFR Research/Market Commentary

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