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May 14 - 02:36 AM

GBP/USD - Firms Towards 1.23 After UK GDP Not As Bad As F/c

By Rob Howard  —  May 13 - 02:30 AM
  • Cable rises to 1.2293 after UK GDP data comes in better than expected

  • March GDP -5.8% vs -8% f/c, Q1 GDP -2% vs -2.5% f/c nS8N2C807X

  • 1.2293 is GBP/USD high since its three-week low of 1.2251 in Asia

  • Asia low was three pips shy of April 21 low (1.2256 was late NY low)

  • 1.23 approximates to 38.2% Fibo of 1.2376 (Tuesday's high) to 1.2251

  • UK retail sales down 19% year-on-year in April - BRC nL5N1KT27Z

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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