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Jan 22 - 06:55 AM

GBP/USD - Risks Remain In Chasing GBP/USD Topside

By Justin McQueen  —  Jan 22 - 05:08 AM

• Markets continue to take a sanguine approach to Trump's tariff threats

• Resulting in a softer USD and thus lifting cable to 1.2350

• Though, the UK narrative remains weak, which should limit the bid in GBP/USD

• UK rates see 2-3 cuts this year - room for further dovish repricing

• Flash PMIs (Jan 24) will be key for short-term GBP direction

• Resistance: 23.6% fib of Sep 24/Jan 25 drop = 1.2415, 1.2500

• Support: 1.2300-22 (prior resistance, now support), 1.2230 (200HMA)
GBPUSD hourly chart


(Justin McQueen is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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