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May 19 - 04:55 AM

GBP/USD - Holds Sub-1.24 After Risk Aversion-Spurred Drop

By Rob Howard  —  May 19 - 02:35 AM
  • Cable ran into resistance pre-1.24 in Asia after extending north from 1.2330

  • 1.2394 was Asian session high (1.2395 = 38.2% Fibo of 1.2501-1.2330)

  • 1.2330 was Wednesday's low as safe-haven USD rose on steep U.S. stock losses

  • See: nL2N2XA2TU. 1.2329 was Monday high (after BoE's Bailey addressed TSC)

  • UK's Sunak backs BoE after inflation criticism nL2N2XA2Q0nL5N2X865J

  • Another 25 bps BoE rate hike, to 1.25%, expected next month (June 16)

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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