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Jan 17 - 04:55 AM

GBP/USD - Buoyed By Unexpected Rise In UK Inflation

By Rob Howard  —  Jan 17 - 03:40 AM
  • Cable ascends to 1.2675 following above forecast UK December inflation data

  • CPI up 4.0% YY vs 3.8% f/c. 1.2675 is former support point (last week's low)

  • Gilt yields soar on unexpected CPI rise (from 3.9% in November) nS8N39B04V

  • Probability of BoE rate cut by May down to 60%, from 80% at Tuesday's close

  • 1.2597 was five-week low for GBP/USD in Asia (before the UK inflation data)

  • Resistance levels beyond 1.2675 include 1.2700 and 1.2714 (Monday's low)

Source:
Refinitiv IFR Research/Market Commentary

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