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Aug 02 - 03:55 PM

GBP/USD - Respects 1.23 Again Amid Taiwan-Related Risk Exit

By Paul Spirgel  —  Aug 02 - 01:35 PM
  • GBP$ soft into NorAm close -0.4% at 1.2200; NorAm range 1.2240-1.2181

  • Pair fell from o/n highs amid ramped up US-China Taiwan-related angst

  • Sterling slides amid US-China kerfuffle; holds just below recent highs

  • GBP slide tempered ahead of Thursday's MPC meeting, 50bp hike expected

  • BoE seen most aggressive into Dec meeting +145bp, Fed +103bp; ECB +86bp

  • Support at Tues low 1.2181, 10-DMA 1.2105, then key Fib at 1.2026

  • Bulls in control above 1.2026, 50% Fib of 1.1761-1.2292

  • Res at 30-HMA 1.2239, Aug 1 high 1.2292, upper 30-d Bolli 1.2336

  • EUR/GBP dipped 0.3% to 0.8345; diverging UK-EZ rate view boosts GBP

Source:
Refinitiv IFR Research/Market Commentary

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