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Aug 10 - 03:55 PM

GBP/USD - Charges Higher After US CPI Dip Tempers Fed Hike Path Outlook

By Paul Spirgel  —  Aug 10 - 01:40 PM
  • GBP$ holds gains into NorAm close +1.4% at 1.2250; Wed range 1.2277-1.2066

  • Pair soared post-CPI under f/c; HL CPI y/y 8.5% vs 8.7%, core 5.9% vs 6.1%

  • Bulls bet Fed pivots to lower rate path; Sept +75bp odds dip from 70% to 37%

  • Room for GBP$ to run after regaining 1.22 on US inflation dip nL1N2ZM145

  • RES at upper 30d Bolli 1.2276, daily cloud top 1.2325, June 16 high 1.2405

  • Support at 10-HMA 1.2185, daily cloud base 1.2175, fmr res 10-DMA at 1.2156

  • Focus shifts to Aug 12's UK GDP for hints at strength of UK recovery

  • Rising rate's in response to BoE inflation f/c +13% by fall may temper growth

Source:
Refinitiv IFR Research/Market Commentary

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