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Jul 13 - 03:55 PM

GBP/USD - Bounces Off Post-CPI Low As Eurodollar Strip Flattens

By Paul Spirgel  —  Jul 13 - 01:35 PM
  • GBP$ ending NorAm firm +0.37% at 1.1927, Wednesday range 1.1968-1.1828

  • Pair dipped to daily low 1.1828 after US CPI rose to 40-yr high nL1N2YU10J

  • Fed rate path post-CPI ratchets higher in front-end; back-end rates dip

  • Sterling eyes 2022 low after US CPI rise stokes Fed hike view nL1N2YU1CD

  • EUR breach of parity option defense stirs EUR bid, aids GBP rise off low

  • Supt at Tues 2022 low 1.1808, lwr 30-d Bolli 1.1797, Mar 26 2020 low 1.1778

  • Res 1.968 Wed high, 1.2002 10-DMA, 1.2106 50% Fib of 1.2405-1.1808

  • Above 1.2106 series of DMAs from 1.2127 to 1.2202 targeted

Source:
Refinitiv IFR Research/Market Commentary

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